MTN, Airtel, Dangote Cement, GTCO, 19 Others Dominate NGX With88.4% of Market Capitalisation

Kayode Tokede

The disparity between large cap and small companies on the local bourse has continued to widen as a total of 23 them contributed 88.4 per cent or N78.14 trillion of the N88.44 trillion market capitlisation of listed securities on the Nigerian Exchange Limited (NGX)as at the end of July 2025.

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

Foreign and domesticinstitutional investors’ demand for these companies has impacted on the market capitalisation that gained N25.67 trillion in seven months of 2025 from N62.763 trillion to close at N88.436 trillion as of July 2025. 

The 23 companies out of 150 listed companies are often called blue-chip stocks as they are well-established, financially sound, and reputable with a history of reliable performance and regular dividend payout to shareholders.

As of July 2025, MTN Nigeria Communications Plc, for the first time since listed in2019, emerged as the most capitalised stock on the NGX, overtaking Airtel Africa Plc and Dangote Cement Plc.

The stock price of the telecommunication giant had a massive rally in the period under review, following an impressive first quarter and half year (H1) ended June, 2025. Its stock price on NGX has gained 136 per cent Year-till-Date (YtD) to close July 31, 2025 at N472.00 per share from N200.00 per share it opened for trading this year. 

Investors reacted to the company’s migration from loss to positive earnings in H1 2025, as it bounced back from foreign exchange losses.

The company reported a net income of N414.9 billion for H1 2025, about 180 per cent year-on-year growth from the N519.1 billion net loss reported in H1 2024.

In its consolidated financial statements for H1 2025, the group recorded a turnover of N2.38 trillion during the period, up by 54 per cent YoY growth from the N1.54 trillion reported in H1 2024.

This growth was observed across various revenue streams, including voice, data, and value-added services. Data revenue particularly saw a significant increase from N726.6 billion in H1 2024 to N1.23 trillion in H1 2025.

The results in the period under review mark a significant financial turnaround for the six months ended 30 June 2025.

With the profits driven by strong revenue growth and a drastic reduction in net foreign exchange losses. Outside the reduction in foreign exchange losses, its operating profit surged by 193 per cent YoY to N892.8 billion, from N304.5 billion in H1 2024. The stock price has crossed the N10.08trillion mark as its stock price reached N480.00 per share as of August 5, 2025. 

Dangote Cement, however, closed the seven months under review with N8.91trillion market capitlisation, amid a rally in its stock price.  The stock price of cement maker appreciated by 10.34per cent to close at N528.3 per share from N 478.80 per share it closed for trading in 2024.

Airtel Africa, came third with a market capitlisation of N8.68trillion on the backdrop of 7.1 per cent increase in its stock price of N2,310.50 as of July 31, 2025 from N2,156.90 per share it opened for trading this year.

BUA Foods also joined the league of Dangote Cement and Airtel Africa with N8.26 trillion market capitalisation.

The Nigerian stock market has recorded an upward trajectory since the entry of the new administration led by President Bola Tinubu, and it is due to the proactive implementation of reforms such as the removal of fuel subsidy and the liberalization of the foreign exchange market.

Foreign investors and High Network Investors have continued to take positions in these 19 stocks amid CBN foreign exchange policies as their prices in the past was undervalued on the bourse.

Further findings by THISDAY revealed that BUA Cement is the only company with market capitlisation above N4trillion mark, moving to N4.57trillion as of July 31, 2025.  

Guaranty Trust Holding Company Plc (GTCO), Zenith Bank Plc, Seplat Energy Plc as of closing of the stock market in July 2025 had market capitlisation above N3 trillion.

The breakdown of these firms market capitalisation showed that: GTCO, N3.66 trillion; Seplat Energy, N3.21trillion and Zenith Bank, N3.1 trillion as of July 2025. 

Speaking with THISDAY, the Executive Vice Chairman of Highcap Securities Limited, Mr. David Adonri expressed that Airtel Africa among others are the largest companies by market capitalisation on the NGX and that if these companies record one per cent gain, it will affect the direction of the stock market.

He stated that investors were in the earning season adding that what investors would get from dividends is one of the factors that drove 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 80per cent of stock market capitalization,” he said.

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

 “Many eligible companies including multinational companies particularly in the telecom and oil and gas sectors remain unlisted. If we can have them listed, the stock market will be more liquidity and diversified,” he said.

He, however, recommended that privatized government enterprises be listed on the NGX for the capital market to develop and support the nation’s development.

While investor sentiment suggests that the Nigerian stock market’s recent peak is not a mere flash in the pan, capital market analysts stress the importance of ongoing stability, security, and continued economic reforms.

The historic high of the Nigerian stock market has created ripples in the global financial arena, with investors keenly observing the performance of these 23 companies.