Monday's close: the All-Share Index rose 1.65% (+4,068.27 pts) to 251,290.54, its second straight gain. About ₦2.64trn was added to market value, which now stands at ₦163.16trn. Year to date, the index is up 61.48%. The big story was one stock. $DANGCEM rose the maximum 10% for a second session in a row, from ₦1,111 to ₦1,222.10. On Friday it went from ₦1,010 to ₦1,111, so that's two limit-up days back to back. It was also the most valuable trade of the day at ₦6.39bn, about a quarter of everything traded, and it lifted the Industrial Index 5.37%. Banks helped too. The Banking Index gained 2.34%, with First HoldCo up 7.56%, Access Holdings 4.15%, GTCO 2.54% and $ZENITHBA was also the most traded stock by volume at 25.92m shares. NGX Group added 8.20%. But look under the hood: more stocks fell than rose, 30 decliners against 24 gainers. A few heavyweights carried the index while the wider market was mixed. ABC Transport (-9.59% to ₦6.60), Caverton (-9.37% to ₦4.35) and Livestock Feeds (-9.09% to ₦15.50) led the losers. Honeywell Flour (+9.78% to ₦19.65) and Royal Exchange (+9.18% to ₦1.07) joined Dangote Cement at the top. Volume fell 46% to 329.53m shares, but value rose about 10% to ₦25.45bn across 43,700 deals. Why it matters: when one big stock moves this much, the index can rise even on a day when most stocks slip. Your own portfolio may have had a very different Monday from the headline number. Coming up: the Dangote Refinery IPO closes tomorrow, Oct 27, and more Q3 results are landing this week. Curious how today actually hit your holdings? Add your portfolio on Gopexly and see it in your own numbers. Not financial advice, just the close.
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On Friday, Dangote Cement closed at ₦1,111 and First HoldCo at ₦144.10, both up exactly 10%. That isn't a coincidence. It's the NGX daily price limit at work. How it works: 1. Every listed stock on the NGX can move at most 10% up or 10% down in one trading day. 2. The band is measured from the previous day's closing price, not from the day's open. 3. So for $DANGCEM , Thursday's close of ₦1,010 set Friday's ceiling at ₦1,010 x 1.10 = ₦1,111. That's exactly where it closed. Why exchanges use limits: they slow things down. A big rumour or a surprise result can't send a share price up or down 40% in a single session, which gives everyone time to read the news before the next move. What a limit doesn't do: it doesn't make the demand (or the selling) go away. When a stock closes right at its +10% ceiling, it often means buyers wanted more than sellers were offering at that price, and some of that interest can carry into the next session. It can also fade. The price at the limit tells you about one day's pressure, not where the stock "should" be. One thing to remember when you read a stock moving 10% in a day: it's the biggest move the rules allow, so on the NGX "+10%" is often a ceiling, not a measurement. Have you ever watched a stock you own hit the limit? Tell us below 👇 Not financial advice.
Friday's close first: the All-Share Index rose 0.92% to 247,222.27, adding about ₦1.47trn in market value and ending a weak week on its best level. Volume jumped 69.57% to 611.66m shares. The move was narrow but heavy: $DANGCEM hit the 10% daily limit to close at ₦1,111, and First HoldCo also gained 10% to ₦144.10. Because the index is weighted by company size, two big names were enough to turn the whole market green. Three things worth watching this week: 1. The Dangote Refinery IPO closes tomorrow, Tuesday Oct 27, at ₦525 per share, and the company says there will be no further extension. It reported nine-month revenue of $22.5bn and a net profit of $4.73bn, up from a loss a year ago. Listing on the NGX is expected in November, and like any share, the price can move above or below the offer price once it trades. 2. The exchange itself reported. $NGXGROUP posted a nine-month profit after tax of ₦14.69bn, up 86.44%, on revenue of ₦27.26bn (up 79.79%). One detail worth noticing: the third quarter alone came in at ₦4.33bn, slightly below the ₦4.66bn of Q3 last year, so the year-to-date jump was built mostly in the first half. 3. Can Friday's rally hold? When a market rise rests on one or two heavyweights, the next sessions often show whether buying spreads to other stocks or fades. Watch whether gainers start to outnumber losers. Add your portfolio on Gopexly to see how your own holdings compare with the index. Not financial advice.
Wednesday's close: the All-Share Index fell 0.32% (-794.64 pts) to 245,116.49, undoing most of Tuesday's 0.26% bounce. About ₦515.95bn came off market value, which now stands at ₦159.15trn. Year to date, the index is still up about 57.5%. This time the banks did the damage. The Banking Index dropped 1.49%, from 2,493.34 to 2,456.31. $ACCESSCO fell 6.12%, First HoldCo 4.59%, Ecobank 1.47%, $ZENITHBA 1.21% and UBA 0.24%. Insurance followed, with its index down 1.41% as Consolidated Hallmark (-7.14%), Regency Alliance (-6.41%) and Sovereign Trust (-5.58%) slipped. Breadth was clearly negative: 37 stocks fell and only 18 rose. CWG (-9.98% to ₦18.05), UPDC REIT (-9.93% to ₦19.05) and Austin Laz (-9.92% to ₦3.18) led the losers. Austin Laz is a good example of how fast things turn: it was Tuesday's top gainer. On the green side, Livingtrust Mortgage Bank (+9.90% to ₦3.22), ABC Transport (+9.77% to ₦7.30) and Meyer (+9.72% to ₦17.50) led. Activity held up, with 354.03m shares traded across 32,514 deals. Why it matters: banks are a big slice of the index and of many Nigerian portfolios, so a 1.5% move in the Banking Index can outweigh a lot of small winners. Oil & Gas (+0.12%) was one of the few sectors in the green. Coming up: Zenith Bank's ₦1.50 interim dividend qualifies Friday, Oct 23, the same day the PZ Cussons scrip election closes. The Dangote Refinery IPO closes Oct 27. Holding any banks? Add your portfolio on Gopexly and see how days like this hit your own numbers. Not financial advice, just the close.
The Dangote Petroleum Refinery IPO is open until next Tuesday, Oct 27: 4.1 billion shares at ₦525 each, about ₦2.15trn in total, with a minimum of 10 shares (₦5,250). Paying for shares is only step one. Here's how an IPO goes from application to a share you can trade, using the refinery's own revised timetable: 1. Application list closes (Oct 27). No new applications after this. 2. Collation of returns (around Nov 3). The issuing houses add up every application from banks, brokers and apps. 3. Basis of allotment (SEC no-objection expected around Nov 17). If more shares are requested than are on offer, the offer is "oversubscribed" and not everyone gets everything they asked for. The issuer proposes a formula for sharing the shares out, and the SEC has to clear it. 4. Refunds (about 5 business days after allotment). Money for shares you didn't get is returned. 5. CSCS credit and listing (about 15 business days after allotment, so roughly early December). Your shares land in your CSCS account and trading starts on the exchange. Only from then does the share have a market price that moves every day. A simple illustration, not a forecast: if an offer were 2 times oversubscribed and shared out evenly, someone who applied for 1,000 shares might be allotted about 500 and get the money for the rest back. Real allotment formulas often favour smaller applicants, so check the official allotment announcement when it's published. Two things worth knowing: - These dates are indicative. The timetable says they can shift. - The refinery is a separate company from Dangote Cement ($DANGCEM ), which already trades on the NGX. Owning one doesn't give you shares in the other. Safety note from the offer's own FAQ: no approved channel will ever ask for your PIN, password or OTP, and no real application needs payment to a personal account. Did you apply, or are you waiting to see how it lists? Tell us below 👇 Not financial advice.
Tuesday's close first: the All-Share Index rose 0.26% to 245,911.13, adding back ₦410.86bn after Monday's ₦1.47trn drop. Industrial and consumer goods stocks did the lifting (HBM Nigeria +6.76%, NASCON +7.31%, Unilever +5.83%) while banks slipped. That split matters for what's coming next: companies are about to start releasing their July to September results. CardinalStone Research's Q3 earnings preview (reported by BusinessDay) expects stronger year-on-year profits in four sectors: 1. Cement. Average selling prices are estimated at 13% to 25% above Q3 2025, so even with rainy-season volumes, revenue should be supported. Dangote Cement, BUA Cement and HBM Nigeria are covered. Higher diesel costs for haulage are the risk to watch. 2. Oil and gas. Brent crude averaged $91.29 a barrel in Q3, up 33.9% from a year ago, and Nigeria's output rose to 1.64m barrels a day. $SEPLAT and Aradel are expected to benefit, though financing costs and tax could decide how much reaches profit. 3. Telecoms. Data consumption rose 26.7% to 1.7m terabytes. $MTNN is expected to keep growing revenue, with diesel and energy costs as the main margin risk. 4. Consumer goods. Volumes are recovering and companies that cut debt (Nigerian Breweries repaid ₦59.7bn in H1) could see lower finance costs. Rising sugar and energy costs are the flip side. Under pressure: power (gas shortages, transmission constraints) and oil palm (weaker local palm oil prices). Why it matters today: a result that beats or misses what the market already expects is often what moves a share price in results season, not the headline profit alone. Keep an eye on which companies file first, and on whether today's session extends Tuesday's rotation away from banks. These are analyst forecasts, not guarantees. Add your portfolio on Gopexly to see which of your holdings report this month and how they move on the day. Not financial advice.
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