Small caps run hot as the Dangote IPO gets two more weeks

The NGX All-Share Index drifted slightly lower this week. It closed Thursday at about 247,707, roughly 0.3% below the previous Friday's 248,363 (Friday's official close was not yet published at the time of writing). The big moves were again in small caps: Livestock Feeds, E-tranzact and Multitrex led the gainers, while Nigerian Enamelware, Red Star Express and NASCON led the decliners. Dividend season kept rolling, with GTCO and Stanbic IBTC qualification dates this week and Zenith Bank next on 23 October, and the Dangote Refinery IPO was extended to 27 October. This digest is educational and factual only, not investment advice.

Top movers this week

• LIVESTOCK (Livestock Feeds) +58.33%: Livestock Feeds extended a rally that made it the NGX's top performer last week too, up about 48% in the week to 9 October. The run has come despite weak results: its latest figures showed revenue down about 29% year on year. Its next results are due around 23 October. (source)
• ETRANZACT (E-tranzact International Plc) +42.98%: E-tranzact rose in most sessions this week. We found no company announcement explaining the move, and the stock is still well below its February 2026 high of about ₦26.90. (source)
• MULTITREX (MULTITREX) +42.86%
• AUSTINLAZ (Austinlaz Company Plc) +31.53%
• REGALINS (Regency Assurance Plc) +14.29%

• ENAMELWA (Nigerian Enamelware Plc) -9.95%
• REDSTAREX (Red Star Express Plc) -9.76%
• NASCON (Nascon Allied Industries Plc) -9.48%: NASCON fell about 9.5% on Thursday. The company entered its closed period on 1 October ahead of its Q3 2026 results, which are expected in late October; we found no other announcement. (source)
• CMFC (Critical Minerals Financing Corp. Plc) -9.32%
• TRANSEXPR (Trans-nationwide Express Plc) -9.09%

In the news

• DANGOTE IPO: The Dangote Petroleum Refinery IPO deadline moved from 13 to 27 October with SEC approval, to widen access across more African markets. Get a free alert when the shares list at alerts.onbourd.ng/dangote-ipo. (source)
• ZENITHBANK: Zenith Bank reported H1 2026 pre-tax profit of ₦637.6 billion and raised its interim dividend by 20% to ₦1.50 per share. The qualification date is 23 October and payment is due 30 October. (source)
• STANBIC: Stanbic IBTC's ₦4.50 interim dividend qualified on 15 October and is due to be paid on 13 November. (source)
• GTCO: GTCO's ₦1.00 interim dividend qualified on 12 October and is due to be paid on 20 October. (source)

Upcoming ex-dividend dates

• ZENITHBANK (Zenith Bank PLC): ₦1.5/share, ex-date 23 Oct

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Educational weekly recap for the NGX. Not investment advice. Figures and news come from the public sources linked above.