By Sam Otuonye

Nigerian stocks closed October with a gain of approximately N2 trillion in market capitalisation, rising from around N163.1 trillion at the end of September to N165 trillion.

The supplied market data showed that the All-Share Index gained 1.23% during the month, taking its year-to-date return to 63.42%.

A 2.86% rally in the final trading week helped reverse earlier losses, securing October’s second consecutive positive finish and its sixth gain in 10 years.

October started on a sour note, with the All-Share Index shedding 0.97% at the end of the first full trading week on October 9, 2026.

The second and third weeks also recorded losses, suggesting the market could finish the month in negative territory.

The early weakness followed a pattern of alternating monthly gains and losses in the All-Share Index since May, before October’s late recovery secured another positive close.

Strong gains in mega-cap stocks, particularly Dangote Cement, helped reverse the losses, with the cement producer gaining 27% in the final week.

The All-Share Index recovered from 244,956.94 points on October 22 to 254,299.49 points on October 30, adding 9,342.55 points, or 3.81%, over the period.