The stock market’s front-runners stumbled in October. Here’s where the smart money is moving now.

In the final month of 2026, Nigerian stocks experienced a notable surge in market capitalisation, reaching N165 trillion as of the end of October. This marked a substantial gain of approximately N2 trillion, representing a rise from N163.1 trillion at the close of September. The All-Share Index witnessed a 1.23% increase during the month, contributing to a year-to-date return of 63.42%.

The market's recovery was largely driven by an impressive rally in the final trading week of October, which reversed earlier losses and secured the market's second consecutive positive finish and sixth gain in the past decade. Initially, the month began with a downturn, as the All-Share Index dropped by 0.97% at the end of the first full trading week on October 9, 2026. However, this negative sentiment was short-lived, with subsequent weeks recording losses as well, hinting at a potential downward trend for the month.

Despite the initial setbacks, October's positive closing performance was attributed to the strong performance of Dangote Cement, which surged by 33.12% to close at N1,420 per share. This significant gain lifted the company's market capitalisation to approximately N24 trillion, bolstered by heightened buying interest in the latter part of the month. Other notable contributors to the rally included Multi-Trex and Livestock Feeds, with E-Tranzact International also showing strong gains.

The earnings season played a pivotal role in stimulating buying interest, particularly among consumer goods and industrial goods companies that reported higher profits. Dangote Cement's strong performance, with a 41.5% increase in nine-month pre-tax profit to N1.47 trillion, further fuelled investor confidence. The weekly figures suggested an improvement in market breadth, although the overall monthly performance still indicated broader price weakness across the securities tracked.

Industrial stocks and select large-cap counters emerged as key drivers of October's positive market outlook, with gains in these sectors remaining central to the market's overall performance.