Nigeria's All-Share Index holds near record as most stocks fall

Overview

Updated 45 minutes ago

Nigeria's All-Share Index rose 0.02% on Tuesday, 3 November, to 254,289.35. Under that flat number, 38 listed companies fell and 22 rose.

The index is up about 63% in 2026 and closed above 250,000 points for the first time on 30 October. Market capitalisation reached ₦165.11 trillion, but October's ₦2.01 trillion gain came mostly from large industrial stocks, led by Dangote Cement, while most listed shares lost ground.

Why it matters

If the rally keeps resting on a few heavyweights, Nigerian pension and index funds hold record paper gains that one sharp heavyweight correction could erase.

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Key Indicators

254,289.35

All-Share Index close, 3 November 2026

Up 44.14 points, or 0.02%, from 254,245.21 the previous session.

₦165.11tn

Equity market capitalisation

Rose ₦28.65 billion on the day, from ₦165.08 trillion.

22 / 38

Advancers versus decliners, 3 November

Eighty-six stocks closed unchanged; the previous session had 23 gainers and 44 losers.

63.38%

Year-to-date index return

Figure reported after the 2 November close.

398.43m

Shares traded, 3 November

Across 39,025 deals worth ₦20.42 billion; volume was 23% below the previous session.

₦2.01tn

Market value added in October 2026

The largest monthly gain of the year's second half.

Voices

Curated perspectives — historical figures and your fellow readers.

Organizations Involved

Nigerian Exchange Group

Stock exchange operator

Publishes the daily official list and monthly market data behind this story

Runs the Lagos equities market where the All-Share Index is calculated.

Dangote Cement

Listed cement producer

Main driver of the index's late-October advance

Nigeria's index heavyweight whose October run lifted the benchmark while banks and other sectors lagged.

Central Bank of Nigeria

Central bank

Sets the policy rate and publishes the naira rate cited in the market backdrop

The monetary authority whose rate policy and currency data frame the case for holding Nigerian equities.

Access Holdings

Listed financial holding company

Among the most heavily traded stocks in the 3 November session

A Nigerian financial holding company whose shares traded 42.59 million units on 3 November.

Timeline

September 2026 November 2026

6 events Latest: Today

Tap a bar to jump to that date

November 2026
Index edges up 0.02% as 38 stocks fall
Today Market close

The All-Share Index closes at 254,289.35 with 22 gainers, 38 losers and 86 unchanged; 398.43 million shares trade in 39,025 deals.
Today
Banks fall while Dangote Cement hits a 52-week high
Market data

The index slips 0.02% to 254,245.21; industrial goods gain 3.34% and banking loses 1.79%.
Yesterday
October 2026
Index closes above 250,000 for the first time
Market data

The All-Share Index ends October at 254,299.49, up 1.2% on the month, with market capitalisation at ₦165.114 trillion.
4 days ago
Market capitalisation reaches ₦164.91 trillion
Market data

An all-time high at that point, with another record two days later.
7 days ago
Late-month surge starts from 244,956.94
Market data

The index has slipped below its September close before an eight-session run begins.
October 22nd, 2026
September 2026
September closes with the index at 251,211.67
Market data

Market capitalisation stands at ₦163.104 trillion at the end of the month.
September 30th, 2026

Scenarios

Index ends 2026 above 250,000 points

Likely Resolves by End of 2026

Discussed by: BusinessPress's October market review, which names fourth-quarter outlook statements and inflation prints as the tests for whether the index holds its new level

Heavyweight industrials keep their weight, corporate earnings stay strong, and the index gives back little of October's gain through December. Year-end positioning and pension inflows seeking index-heavy exposure provide the bid.

November breadth turns positive as the rally widens

Unlikely Resolves by Dec 10, 2026

Discussed by: BusinessPress's October review, which says breadth would need to return before the rally earns full confidence from risk-managed allocators

Buying spreads from Dangote Cement and a few banks into mid- and small-cap names, so more securities rise than fall over a full month. Banking and consumer stocks would need to stop lagging industrial goods.

Heavyweight correction drags the index below 240,000

Possible Resolves by Q1 2027

Discussed by: BusinessPress's October review, which warns a rally that barely broadens can reverse quickly when heavyweight stocks correct

A pullback in Dangote Cement and a handful of other large caps removes the support under the index. Because most stocks already trade lower, the fall would come from the top of the market rather than from a broad sell-off.

Dangote Cement gives back its October gain

Possible Resolves by Q1 2027

Discussed by: CenturyHerald's market report, which tracks Dangote Cement's ₦1,111-to-₦1,420 move as the core of the index's weekly advance

The stock that supplied most of the index's late-October rise falls back below its 22 October level. Profit-taking, a weaker construction outlook or new share issuance would each be enough to trigger it.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

October 2026

October 2026: the ₦2.01 trillion month

The All-Share Index rose 1.2% in October to 254,299.49 from 251,211.67 at the end of September. Market capitalisation climbed ₦2.01 trillion to ₦165.114 trillion, the biggest monthly value gain of the year's second half.

Then

The index closed above 250,000 points for the first time.

Now

Of 146 tracked securities, 72 declined, 28 rose and 46 were unchanged, so the record rested on a narrow set of large caps.

Why this matters now

It sets up the question the 3 November session poses: how long can the index keep rising while most listed companies fall?

22-30 October 2026

The eight-session surge (22-30 October 2026)

The index climbed 9,342.55 points, or 3.81%, from 244,956.94 in eight trading days. Institutional year-end positioning, record corporate earnings and low returns on cash alternatives pushed domestic allocators into equities.

Then

Brokers reported the strongest retail participation since the market's last sustained advance.

Now

Most of October's gain came in the final fortnight, which means the monthly record depends on a short window of buying.

Why this matters now

Explains why a 0.02% session on 3 November matters: the market is holding a level built in eight days.

Late October 2026

Dangote Cement's 27.81% week (late October 2026)

Dangote Cement rose from ₦1,111 to ₦1,420 in the last week of October. The Industrial Goods index gained 14.58% over the week while the Banking index fell 3.42% and Insurance lost 2.13%.

Then

On 2 November the stock hit ₦1,490 and accounted for 28.31% of reported trading value.

Now

It made the benchmark's record a bet on one company's shares rather than on the wider market.

Why this matters now

This is the mechanism behind the 3 November close: index up slightly, 38 stocks down.