Nigerian stocks gain N307 billion as Transcorp Power, banks drive market rally

Nigerian stocks surged by N307 billion on Wednesday, November 4, 2026, as Transcorp Power, major banks, and other companies propelled the market higher. The benchmark index, NGX All-Share Index (ASI), climbed by 0.19% to 254,762.81 points from 254,289.35 points the previous day. The increase in market capitalisation stood at approximately N307.4 billion, totaling N165.42 trillion.

Year-to-date returns reached 63.72%, while month-to-date returns improved to 0.2%. Market sentiment turned positive, with 27 stocks advancing compared to 23 declining. Trading activity experienced mixed results, with volume and transaction value surging, but the number of transactions decreasing. The session's gains were driven by Transcorp Power (+9.97%), GTCO (+5.1%), Zenith Bank (+2.65%), and UBA (+2.68%).

Banking stocks, particularly the Banking Index, performed strongly, rising 0.72% to 2,403.98 points. Conversely, Eterna, Sovereign Trust Insurance, and Learn Africa suffered the most significant declines. Despite improved trading volume and value, the decline in deal count to 32,874 transactions suggested fewer trades, despite overall market turnover.

The gains continued the modest recovery observed the previous day when the market gained N28.65 billion in value as renewed buying in select heavyweight stocks recovered from Monday's losses. Continued buying in heavyweight banking stocks may sustain further market gains, but mixed sectoral performance and ongoing losses in certain stocks could curb near-term upside.