Bull Run: 19 Blue-chip Firms Account for 82.39% of NGX’s N75.951tn Market Capitalisation

Kayode Tokede 

The ongoing rally in the Nigerian equities market has further widened the gap between blue-chip firms and other listed companies as a total of 19 out of the 150 listed firms contributed 82.39 per cent or N62.578 trillion of the N75.951 trillion market capitalisation of listed securities on the Nigerian Exchange Limited (NGX) as of June 2025.

The 19 blue-chip firms cut across cement makers, financial institutions, oil and gas, telecommunication, agriculture and Fast-Moving Consumer Goods (FMCG), and power generating companies.

Both foreign and domestic investors’ demand for these companies has impacted the NGX market capitalisation, which gained N5.49 trillion and N13.2 trillion in June 2025 and half year (H1) 2025, respectively.

These 19 companies are well-established, financially sound, and reputable, with a history of reliable performance and regular dividend payout to shareholders.

As of June 2025, Airtel Africa Plc remain the highest market capitalised stock, followed by BUA Foods Plc. BUA Foods has overtaken Dangote Cement and MTN Nigeria Communication, the second and third most capitalised stocks on the Exchange before now.

Although the stock price of Airtel Africa dropped by 2.6 per cent to N2,310.50 per share in June 2025 from N2,372.00 per share when it closed in May 2025, the telecommunication company’s market capitalisation closed June 2025 at N8.68 trillion.

BUA Foods’ market capitalisation stood at N8.26 trillion amid a 4.32 per cent increase in stock price to N459.00 per share as of June 2025 from N440.00 per share, the stock opened for trading in the month under review.

MTN Nigeria’s market capitalisation closed June 2025 at N7.51 trillion when its stock price gained 27.6 per cent in one month to close at N357.50 per share from N280.10 per share it opened for trading in the month under review. 

The Q1 2025 migration to profitability played a critical role in the upward movement of MTN Nigeria Communications’ stock price on NGX that translates into its market capitalisation. 

For Dangote Cement, its market capitalisation dropped to N7.4 trillion as of June 2025 as its stock price traded flat at N440.00 per share.

Meanwhile, the cement manufacturing company’s stock price has depreciated by 8.1per cent in its Year-to-Date (YtD) from N478.80 per share it opened for trading.

Further findings by THISDAY revealed that BUA Cement and Seplat Energy Plc were the only two companies with a N3 trillion market capitalisation threshold as of June 2025.

Closing June 2025 at N95.40 per share, BUA Cement’s market capitalisation increased to N3.23 trillion, while  Seplat Energy’s market capitalisation stood at N3.21 trillion. 

The stock price of Seplat Energy gained 9.8 per cent to close June 2025 at N5,450.00 per share from N4,964.40 it closed at trading May 2025. 

Guaranty Trust Holding Company Plc (GTCO), Zenith Bank Plc, Aradel Holdings Plc, Geregu Power Plc, Transcorp Power Plc, and International Breweries Plc, ended June 2025 with a market capitalisation above N2 trillion.

A breakdown showed that: GTCO closed June with a market capitalisation of N2.77 trillion; Geregu Power, N2.85 trillion; Zenith Bank, N2.34 trillion; Aradel Holdings, N2.24trillion; International Breweries, N2.34 trillion, and Transcorp Power, N2.4 trillion.

In addition, United Bank for Africa Plc and six other companies’ market capitalisation were above the N1 trillion mark.

In the month under review, UBA saw its market capitalisation at N1.45trillion, while Access Holdings’ market capitalisation stood at N1.18 trillion.

Others: FBN Holdings, N1.09 trillion; Presco Plc, N1.28 trillion; Nigerian Breweries, N1.83 trillion; Nestle Nigeria, N1.15 trillion, and Stanbic IBTC Holdings Plc with N1.35 trillion market capitalisation as of June 2025. 

Comenting, the Executive Vice Chairman of Highcap Securities Limited, Mr. David Adonri, stated that investors were in the earnings season and that what investors would get from dividends is one of the factors that drives the demand for shares in the stock market. 

He noted that the stock market is defying current political uncertainties because investors are futuristic and the prospect for a yield environment is bright. 

According to him, “Optimists also see strength in the market from the perspective of corporate fundamentals, which remain strong despite macroeconomic frailties and assault from misfired public policies.”

On his part, the Chief Research Officer, InvestData Consulting Limited, Mr. Omordion Ambrose, noted that the Nigerian stock market is over-concentrated with the attendant ‘keyman’ risks, part of what are major barriers to market development.

“This is demonstrated by the fact that only 19 out of 150 listed companies account for over 80 per cent of stock market capitalisation,” he said.

He noted that the over 150 issuers base is relatively small, urging more companies to utilise the opportunity of accessing the funds needed to expand their businesses and get listed.