NGX hits record N164.97trn; investors gain N779bn despite sell-off

Equity investors gained N779.31 billion on the Nigerian Exchange (NGX) on Thursday, pushing total market capitalisation to a record N164.97 trillion despite heavy losses in First HoldCo and several other stocks.

The market’s capitalisation rose 0.47 per cent from N164.19 trillion recorded on Wednesday, surpassing the previous record of N164.91 trillion reached on Tuesday, October 27, 2026.

The benchmark NGX All-Share Index (ASI) advanced 0.47 per cent, or 1,200.24 points, to close at an all-time high of 254,083.02 points, extending the market’s year-to-date return to 58.29 per cent.

The gains were driven largely by buying interest in major industrial stocks, particularly Dangote Cement, alongside advances in selected mid-cap companies. However, the rally was not uniform, with substantial profit-taking in First HoldCo weighing on the banking sector.

Dangote Cement, the exchange’s largest listed company, rose 5.82 per cent to N1,420 per share, adding to the market’s gains. Its market capitalisation stood at N23.96 trillion, while the advance helped lift the NGX Industrial Index by 3.41 per cent to 12,199.47 points.

The buying momentum also pushed eTranzact International up 10 per cent to N17.60, while Sovereign Trust Insurance gained 9.60 per cent to N2.17. FTG Insurance rose 9.38 per cent, McNichols advanced 9.18 per cent, and Zichis gained 8.24 per cent.

First HoldCo, however, fell 10 per cent to N125.55, making it the session’s biggest loser. The stock recorded about 343.8 million shares in trading, accounting for a substantial share of total market volume.

Livestock Feeds declined 9.70 per cent to N12.10, Tantalizers lost 8.40 per cent to N3.60, C&I Leasing fell 7.41 per cent to N5.00, while Regal Insurance shed 7.35 per cent to N0.63.

The losses dragged the NGX Banking Index down 2.10 per cent to 2,461.21 points, despite the broader market’s record close. United Bank for Africa fell 0.23 per cent, while Guaranty Trust Holding Company slipped 0.08 per cent.

Trading volume rose 61.88 per cent to 654.14 million shares from 404.08 million shares in the preceding session. However, the number of deals declined 8.16 per cent to 35,789, suggesting that the increase in volume was concentrated in fewer transactions.

Beyond industrial stocks, the NGX Premium Index gained 1.01 per cent to 33,374.25 points, while the NGX Lotus Islamic Index rose 1.20 per cent to 24,087.12 points. The NGX Insurance Index advanced 0.75 per cent to 1,037.04 points.

The NGX Corporate Governance Index declined 1.46 per cent, while Consumer Goods slipped 0.06 per cent and Oil and Gas edged up 0.05 per cent.

The record market valuation strengthens the gains accumulated by Nigerian equity investors this year, but the sharp divergence between industrial stocks and banking counters highlights the growing importance of selective stock performance.

With the All-Share Index up 58.29 per cent year-to-date, investors are increasingly weighing earnings prospects and valuations against profit-taking risk. Thursday’s session showed that buying in a few large-cap stocks can push the entire market to new highs even when losses remain severe in individual counters.