NIGERIA: The Nigerian equities market entered November with its benchmark index at a record level after a 2.86 per cent weekly rebound, but the recovery remained uneven as industrial stocks surged while banking and insurance shares came under pressure.
At 11:55 a.m. WAT on Monday, November 2, the latest accessible live market panel, marked as refreshed approximately seven minutes earlier, showed Dangote Cement trading at ₦1,490, up 4.93 per cent.
Airtel Africa was quoted at ₦6,300, while MTN Nigeria traded at ₦850, with both counters unchanged on the tracker.
The live panel did not provide an updated All-Share Index or aggregate market capitalisation at the time of the check. The latest verified market-wide figures therefore remain those for Friday, October 30, when the NGX All-Share Index closed at 254,299.49 points and total market capitalisation stood at ₦165.114 trillion.
The benchmark gained 7,077.22 points during the week ended October 30, representing a 2.86 per cent increase, while market capitalisation rose by ₦4.595 trillion from ₦160.519 trillion.
The latest weekly performance lifted the market’s year-to-date return to 63.42 per cent, extending a strong run that has added more than ₦65 trillion to the value of listed equities since the beginning of 2026.
However, the sectoral breakdown shows that the gains were far from evenly distributed.
The NGX Industrial Goods Index led the weekly performance with a 14.58 per cent increase, supported by a 27.81 per cent rally in Dangote Cement, whose share price advanced from ₦1,111 to ₦1,420 during the week.
The NGX Banking Index moved in the opposite direction, declining by 3.42 per cent. The Insurance Index fell by 2.13 per cent, while the Oil and Gas Index gained a modest 0.82 per cent.
Market breadth also remained negative. Thirty-three equities appreciated during the week, compared with 48 that declined, while 65 closed unchanged.
Trading activity increased sharply, with investors exchanging 7.619 billion shares valued at ₦637.826 billion in 192,138 deals. This compared with 2.024 billion shares worth ₦110.773 billion in 173,113 deals in the preceding week.
The figures underline the influence of large-capitalisation stocks on the benchmark index. A strong advance in a few heavyweight counters can lift overall market value even when a greater number of listed shares are declining.
Investors will also be watching the banking sector’s performance as third-quarter results continue to emerge, alongside the response to corporate earnings and the outcome of the Dangote Petroleum Refinery public offer, which closed on October 27 with allotment pending.
The Monday trading session was still in progress at the 11:55 a.m. check. NGX’s extended trading window runs until 4:00 p.m.; the figures above should therefore not be treated as Monday’s closing performance.
