Airtel Africa, Dangote Cement, MTN, Eight Others Account for N122.56tn NGX Market Capitalisation

Kayode Tokede

Amid growing investor confidence in the Nigerian economy, Airtel Africa Plc and 10 other blue-chip companies accounted for N122.56 trillion, or 75.14 per cent, of the Nigerian Exchange Limited’s (NGX) N163.105 trillion market capitalisation as of September 30, 2026.

This was based on an analysis of market data tracking the performance of large-cap stocks quoted on the bourse.

The 11 companies, spanning the cement, oil and gas, information technology, banking, and agro-allied sectors, continued to deliver strong performance across key indicators, reinforcing their role as major drivers of market growth.

The companies include Airtel Africa Plc, Dangote Cement Plc, MTN Nigeria Communications Plc, Seplat Energy Plc, BUA Cement Plc, and BUA Foods Plc.

Others are: Aradel Holdings Plc. HBM Nigeria Plc, FBN Holding Plc. Zenith Bank Plc, and Guaranty Trust Holdings Plc (GTCO). 

Their combined valuation rose significantly during the period under review, reflecting sustained investor interest and improving macroeconomic conditions.

Between December 2025 and September 2026, the market capitalisation of the 11 largest companies increased by 84.7 per cent, or N56.19 trillion, from N66.37 trillion in December 2025 to about N122.56 trillion at the end of September 2026.

Similarly, the market capitalisation of listed equities on the NGX advanced by N63.73 trillion in the first nine months of 2026, rising from N99.376 trillion to N163.105 trillion as of September 30.

The growth underscored the continued concentration of market value among a relatively small group of dominant companies.

As of September 30, 2026, Airtel Africa remained the most capitalised stock on the NGX, followed by Dangote Cement Plc and MTN Nigeria Communications Plc.

Seplat Energy Plc, Airtel Africa, Aradel Holdings Plc and Dangote Cement were also among the most expensive stocks on the Exchange.

Meanwhile, six Nigerian companies — Dangote Cement, Aradel Holdings, FirstHoldCo, Guaranty Trust Holding Company (GTCO) Plc, MTN Nigeria Communications Plc and Zenith Bank Plc — joined the 50-stock benchmark effective at the close of trading on September 18, 2026.

Driven by strong investor demand, Airtel Africa’s market capitalisation surged by 177.5 per cent from N8.53 trillion to N23.68 trillion as of September 30, 2026.

The telecommunications company’s share price rose to N6,300 per share, representing a year-to-date gain of 177.53 per cent from N2,270 at the beginning of the year.

Dangote Cement followed, with a market capitalisation of N17.99 trillion as of September 30, up about 75.2 per cent from N10.28 trillion at the end of 2025.

The cement manufacturer’s share price similarly appreciated by 75.2 per cent from N609 at the end of 2025 to N1,066.70 as of September 30, 2026, supported by impressive corporate earnings.

Dangote Cement’s unaudited results for the first half of 2026 showed revenue up 21.4 per cent to N2.514 trillion, while Group EBITDA rose 25.8 per cent to N1.188 trillion, representing a margin of 47.3 per cent.

Earnings per share advanced by 24.3 per cent to N38.22, while the company closed the period with a net cash position of N215.2 billion.

Overall Group volumes grew by 11.8 per cent to 14.9 million tonnes, supported by resilient demand in key markets. Nigeria continued to anchor earnings, with domestic EBITDA rising 28.4 per cent to N1.086 trillion and margins improving to 60.1 per cent.

MTN Nigeria Communications followed closely, with a market capitalisation of N17.57 trillion as of September 2026, up 63.8 per cent from N10.73 trillion at the end of 2025.

MTN Nigeria’s share price closed at N837 as of September 30, 2026, up 63.7 per cent from N511 per share on December 31, 2025.

BUA Foods, however, emerged as the only company among the 11 to record a decline in market value during the period under review. BUA Cement’s market capitalisation closed on September 30, 2026, at N10.06 trillion, up 66.4 per cent from N6.04 trillion at the close last year. 

The agro-allied company’s share price closed at N760.60 on September 30, 2026, down about 4.8 per cent from N798.90 at the end of 2025.

BUA Cement’s market capitalisation, however, rose by 66.4 per cent from N6.04 trillion at the end of last year to N10.06 trillion as of September 30, 2026.

Other major companies included Seplat Energy Plc, with a market capitalisation of N9.6 trillion; FirstHoldCo, N7.27 trillion; Aradel Holdings Plc, N6.65 trillion; HBM Nigeria Plc, N5.72 trillion; Zenith Bank Plc, N5.5 trillion; and Guaranty Trust Holding Company Plc, N4.8 trillion.

During the period under review, Seplat Energy’s share price increased by 175.44 per cent year-to-date to N16,000.10 per share, from N5,809 at the end of 2025.

Market analysts attributed the rally to improving investor confidence, macroeconomic reforms and stronger corporate performance. The resurgence in foreign portfolio investment, improved company fundamentals and oversubscribed public offerings were also identified as signs of a more resilient Nigerian capital market.

The stock market’s strong performance came as Nigeria returned to frontier-market status, increasing the visibility of domestic equities among international institutional investors and potentially attracting fresh capital from funds tracking frontier-market benchmarks.

Following Nigeria’s return to the FTSE Russell frontier-market classification in September 2026, the market gained N5.37 trillion, or 3.4 per cent month-on-month, to close at N163.104 trillion, compared with N157.739 trillion at the end of August.

Nigeria returned to frontier-market status on September 21, 2026, after a three-year absence from the global index provider’s classification.

The market also witnessed the commencement of Dangote Refinery’s N2.1 trillion Initial Public Offering (IPO) in September.

Vice-President of Highcap Securities, Mr David Adonri, attributed the stock market’s performance in the first nine months of 2026 to improving macroeconomic conditions, rising crude oil prices, the Monetary Policy Committee’s significant interest-rate cut, and Nigeria’s restoration to frontier-market status by FTSE Russell.

“The switch by investors from the secondary market to the primary market to position for the Dangote Refinery IPO, which initially depressed the secondary market, subsequently fizzled out,” Adonri said.

On the outlook for the fourth quarter, he said: “We are entering a seller’s market, judging from historical antecedents in the fourth quarter.

“This is when investors start positioning for end-of-year distributions. The market is expected to be upbeat due to the favourable macroeconomic environment and the proposed listing of Dangote Refinery, notwithstanding heightened political risk.”