The Nigerian equities market rebounded on Monday, with market capitalisation rising by ₦2.32 trillion, or 1.44%, to ₦163.92 trillion from ₦161.59 trillion at the previous close. The rally was led by industrial stocks, mainly Dangote Cement and Transcorp Power Plc, but it was narrow and rested on a single stock.
The NGX All-Share Index (ASI) also rose 1.44%, to 252,456.74 points from 248,877.22 points. That lifts its year-to-date return to 62.23%, while market capitalisation is up 64.95% so far this year.
One stock did most of the work
Dangote Cement rose ₦128.90, or 9.61%, to close at ₦1,469.90. That gain is worth about ₦2.18 trillion in market value, roughly 94% of the day’s increase. Without it, the market would have been close to flat.
Breadth supports that view. There were 28 decliners against 20 advancers, a ratio of 0.7x, and the NGX Consumer Goods index slipped 0.03%.
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Other gains came from Transcorp Power, which rose 5.65% to ₦232.00, Oando, up 8.46% to ₦35.90, and Fidelity Bank, up 6.85% to ₦24.95. Access Holdings added 2.23% to ₦27.50, while Zenith Bank rose 0.09% to ₦117.50.
Sector performance
Top gainers and losers
The biggest gainers were Mansard Insurance (+9.75% to ₦12.95), Sovereign Trust Insurance (+9.74% to ₦2.14), Dangote Cement (+9.61%), Oando (+8.46%) and Fidelity Bank (+6.85%).
The biggest losers were Thomas Wyatt (−9.62% to ₦2.35), UPL (−8.70% to ₦4.20), FTG Insurance (−7.38% to ₦1.38), TIP (−6.88% to ₦25.05) and Zichis (−5.59% to ₦16.05).
Trading activity improves
Activity picked up. Investors completed 42,891 deals, up 31.30% from 32,666. The volume of shares traded rose 20.03% to 453.31 million, and the value traded rose 13.71% to ₦30.55 billion.
A partial recovery
Monday’s gain recovers only part of the recent decline. The ASI closed at 254,762.81 points on November 4, with market capitalisation at ₦165.42 trillion. The market then lost about ₦3.83 trillion before Friday’s close of ₦161.59 trillion. Monday’s gain wins back about 61% of that, leaving the ASI roughly 0.9% below its November 4 level.
What else moved
Oando’s rise followed a run of losses that pushed its price down, even though its earnings improved modestly in the nine months to September 2026.
Transcorp Power, despite the gain, is still about 24% below where it started the year. It closed 2025 at ₦307.00, against ₦232.00 now.
Zichis fell after it told the NGX on Monday that Futureview Asset Management had acquired a 10.45% stake from Chilla Entertainment.
Background
Dangote Cement gained 33.12% in October, from ₦1,066.70 to ₦1,420, and the market added ₦2.01 trillion over the month to reach ₦165.11 trillion. Monday’s close of ₦1,469.90 is above that level. Since the start of the year, the stock is up about 141% from ₦609.00.
