The Nigerian equities market staged a strong rebound on Monday, November 9, 2026, with market capitalisation rising by N2.32 trillion, or 1.44 percent, to close at N163.92 trillion, up from N161.59 trillion. The recovery was driven by robust gains in industrial stocks, led by Dangote Cement and Transcorp Power Plc.
The NGX All-Share Index (ASI) also advanced 1.44 percent to 252,456.74 points, lifting its year-to-date return to 62.23 percent, while market capitalisation improved by 64.95 percent year-to-date.
Dangote Cement Dominates the Session
Dangote Cement gained N128.90 to close at N1,469.90, and its gain alone accounted for most of the day’s N2.32 trillion increase. The stock’s advance is worth about N2.18 trillion in market value, roughly 94 percent of the total gain. Without it, the market would have closed close to flat, a outcome consistent with the negative market breadth and the 0.03 percent decline recorded in the Consumer Goods sector.
Transcorp Power rose 5.65 percent, while Oando climbed 8.46 percent. Oando’s rally followed a streak of losses that had seen its price tumble despite modest improvement in its earnings for the nine months to September 2026.
Market Breadth and Trading Activity
Despite the overall rebound, market breadth remained negative, with 28 decliners against 20 advancers, a ratio of 0.7x. Trading activity, however, improved, with deals up 31.30 percent, volume up 20.03 percent and value up 13.71 percent.
Dangote Cement’s Broader Run
Dangote Cement gained 33.12 percent in October to close at N1,420 from N1,066.70, a month in which the market added N2.01 trillion to reach N165.11 trillion. Monday’s close of N1,469.90 is above that level. The shares had earlier risen 69.79 percent from N609.00 at the start of the year to N1,034.00 by July 31, taking its market capitalisation to about N17.45 trillion. At N1,469.90, the stock is up about 141 percent on its N609.00 starting price.
Transcorp Power also recorded the strongest price gain on November 4, alongside gains in GTCO, Zenith Bank and UBA.
