11 Blue-chip Firms Dominate NGX With 75.9% of N165.114tn Market Cap
Kayode Tokede
As the nation’s capital market continue its positive momentum, 11 top firms have continued to dominate as they accounted for a whooping 75.9 per cent or N125.294 trillion of the N165.114 trillion Nigerian Exchange Limited (NGX) market capitalisation in 10 months of 2026.
The 11 companies are: Dangote Cement Plc, Airtel Africa 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).
The 11 companies cut across cement, oil and gas, information technology, banking, and agro-allied sectors.
THISDAY analysis of market data tracking the performance of NGX large-cap stocks showed that the 11 companies have added N58.9 trillion in market capitalisation in 10 months of 2026 from N66.37 trillion December 2025 driving the stock market to a new milestone of N165.114 trillion capitalisation as of October 30, 2026.
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.
Analyst at Globalview Capital Limited, Mr. Aruna Kebira, attributed the stock market’s performance 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.”
The combined market capitalisation of these companies advanced significantly during the period under review, reflecting sustained investor confidence and improving macroeconomic conditions in the country.
Nigeria’s inflation eased to 14.63per cent as of September 2026 from 15.15 per cent December 2025, while the Naira at the closed September 30, 2026 at N1,331.50 against the dollar from N1,478.00 against the dollar September 30, 2025.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) also eased its Monetary Policy Rate (MPC) to 23 per cent at the last Monetary Policy Committee (MPC) meeting.
With investors participating in these companies, the market capitalization of listed companies has gained N65.74 trillion or 66.15 per cent to close October 30, 2026 at N165.114 trillion from N165.114 trillion, while NGX All-Share Index moved to 254,299.49 basis points, about 98,686.46 basis points or 63.42per cent Year till Date growth from 155,613.03 basis points the stock market opened for trading.
The growth underscored the continued concentration of market value among a relatively small group of dominant companies.
As of October 30, 2026, Dangote Cement surpassed Airtel Africa to become most capitalised stock on the NGX, followed by MTN Nigeria Communications and BUA Foods.
Driven by strong investor demand, the market capitalisation of Dangote Cement surged by N13.68 trillion or 133.17 per cent from N10.276 trillion it closed December 31, 2025 to N23.96 trillion as of October 30, 2026.
The cement maker saw its share price rose to N1,420.00 per share, representing a year-to-date (YtD) gain of 133.17 per cent from N609 at the beginning of the year.
Dangote Cement reported a 31.2 per cent surge in profit for the nine months ended September, 30, 2026 compared to the same period last year, driven by a considerable increase in sales, according to the latest corporate results of Sub-Saharan Africa’s biggest cement maker.
The corporation posted a 19.6 per cent rise in turnover, which climbed to N3.8 trillion, boosted by improved revenue from the sales of cement and clinker. Nigeria, its primary market, accounted for 70.8 per cent of total sales, while its pan-African operations contributed the rest.
Airtel Africa followed closely, with a market capitalisation of N23.68 trillion as of October 2026, up by Nn15.15 trillion or 177.53 per cent increase from N8.53 trillion at the end of 2025. The stock price of Airtel Africa also advanced by 177.53 per cent to N 6,300.00 per share from N2,270.00 per share it closed for trading in 2025.
Also, MTN Nigeria Communications on the third position of the most capitalised stock at N17.85 trillion as of October 30, 2026, up by N7.12 trillion or 66.34 per cent from N10.73 trillion December 31, 2025.
BUA Foods with about N13.69 trillion market capitalisation as of October 2026, however, emerged as the only company among the 11 to record a decline in market value during the period under review. BUA Foods saw its market capitalisation dropping by N689.4 billion or 4.79 per cent from N14.38trillion last year.
The agro allied company saw its stock price drop by 4.79 per cent to N760.60 per share as of October 30, 2026 from N798.90 per share it closed for trading in 2025.
