The Nigerian equities market closed Thursday at a new all-time high, with the total market capitalisation of listed equities rising to N164.97 trillion as the All-Share Index (ASI) hit a fresh peak. 

The session ending October 29, 2026 reversed Wednesday’s slight pullback and topped the previous record of N164.91 trillion set on Tuesday.

The ASI gained 1,200.24 points, or 0.47 percent, to close at 254,083.02 points from 252,882.78 points. Investors added N779.31 billion in market value during the session, lifting capitalisation from N164.19 trillion the day before.

The rally was driven by heavy buying in industrial stocks, led by Dangote Cement, the market’s largest listed company with a capitalisation of N23.96 trillion. Its shares rose 5.82 percent, or N78.10, to close at N1,420.00, and pushed the NGX Industrial Index up 3.41 percent to 12,199.47 points. Other indices also rose, with the NGX Premium Index up 1.01 percent, the NGX Lotus Islamic Index up 1.20 percent and the NGX Growth Index up 0.98 percent.

The financial sector was weaker. The NGX Banking Index fell 2.10 percent to 2,461.21 points, dragged down by First HoldCo, which dropped 10 percent to N125.55 on heavy trading of about 343.8 million shares. United Bank for Africa and Guaranty Trust Holding Company also saw mild pullbacks. The NGX Corporate Governance Index shed 1.46 percent, while the consumer goods index slipped marginally and the oil and gas index edged up.

Trading activity picked up, with volume rising about 62 percent to 654.14 million shares, although the number of deals fell to 35,789 from 38,970. eTranzact led the gainers with a 10 percent rise to N17.60, followed by Sovereign Trust Insurance, FTN Cocoa Processors (listed as FTGINSURE), McNichols and Zichis. First HoldCo topped the losers, ahead of Livestock Feeds, Tantalizer, C&I Leasing and Regal Insurance.

The latest high extends a bull run that has seen the market set several records this month.

Capitalisation hit about N164 trillion in late September and N163.1 trillion on October 26, before Tuesday’s gain of N1.75 trillion, which was also driven by Dangote Cement. The ASI crossed 200,000 points for the first time in March this year.