Eleven of Nigeria’s biggest listed companies accounted for N122.56 trillion of the total market capitalization of the Nigerian Exchange Limited at the end of September 2026, highlighting the enormous influence of a small group of companies on the performance of the domestic equities market.
The figure represents about 75.14 per cent of the N163.105 trillion total market capitalization recorded by the NGX as of September 30.
The companies cut across telecommunications, cement, energy, banking, food production and other major sectors of the economy.
They include Airtel Africa Plc, Dangote Cement Plc, MTN Nigeria Communications Plc, Seplat Energy Plc, BUA Cement Plc, BUA Foods Plc, Aradel Holdings Plc, HBM Nigeria Plc, FirstHoldCo Plc, Zenith Bank Plc and Guaranty Trust Holding Company Plc.
Market data showed that the combined value of the 11 companies rose from about N66.37 trillion at the end of December 2025 to approximately N122.56 trillion by September 30, 2026.
This represents an increase of about N56.19 trillion, or 84.7 per cent, within nine months.
The wider equities market also recorded significant growth during the period.
Total NGX market capitalization increased by about N63.73 trillion, moving from N99.376 trillion at the end of 2025 to N163.105 trillion at the end of September.
The figures indicate that while investor appetite for Nigerian equities has strengthened considerably, a substantial proportion of the market remains concentrated among a relatively small number of large companies.
Airtel Africa emerged as the biggest listed company by market capitalization, with its valuation rising from N8.53 trillion to N23.68 trillion.
Its share price climbed from N2,270 at the beginning of the year to N6,300 by September 30, representing an increase of about 177.53 per cent.
Dangote Cement followed with a market capitalization of N17.99 trillion, compared with N10.28 trillion at the end of 2025.
The company’s share price rose from N609 to N1,066.70 during the period, representing an increase of about 75.2 per cent.
The rally came alongside stronger corporate earnings.
Dangote Cement reported revenue of N2.514 trillion for the first half of 2026, representing growth of 21.4 per cent, while group earnings before interest, taxes, depreciation and amortization rose by 25.8 per cent to N1.188 trillion.
Earnings per share increased by 24.3 per cent to N38.22, while overall group volumes grew by 11.8 per cent to 14.9 million tonnes.
MTN Nigeria also recorded significant appreciation, with its market capitalization rising from N10.73 trillion at the end of 2025 to N17.57 trillion by September 2026.
Its share price increased from N511 to N837 over the same period.
BUA Cement was valued at N10.06 trillion at the end of September, compared with N6.04 trillion at the close of 2025.
BUA Foods was the only company among the 11 identified in the analysis to record a decline in its share price, falling from N798.90 at the end of 2025 to N760.60 by September 30.
Other major companies included Seplat Energy with a market capitalization of N9.6 trillion, FirstHoldCo with N7.27 trillion, Aradel Holdings with N6.65 trillion, HBM Nigeria with N5.72 trillion, Zenith Bank with N5.5 trillion and GTCO with N4.8 trillion.
Seplat Energy was among the biggest gainers, with its share price rising from N5,809 at the end of 2025 to N16,000.10 by September 30.
The Nigerian market also received an international boost following the country’s return to the FTSE Russell frontier market classification in September after a three year absence.
Following the restoration of the classification on September 21, the market ended September at N163.104 trillion, compared with N157.739 trillion at the end of August, representing an increase of about N5.37 trillion.
Investor attention was also drawn to the primary market following the commencement of the N2.1 trillion Initial Public Offering of Dangote Refinery in September.
Vice President of Highcap Securities, David Adonri, attributed the strong market performance to improving macroeconomic conditions, higher crude oil prices, monetary policy changes and Nigeria’s restoration to frontier market status.
Adonri said investors had initially moved funds from the secondary market as they positioned for the Dangote Refinery offer, but the impact later moderated.
Looking towards the final quarter of 2026, he said historical market patterns suggested increased positioning by investors ahead of corporate distributions.
Despite continuing political risks, the combination of stronger corporate earnings, renewed foreign investor interest and improving market sentiment could remain important factors shaping the performance of Nigerian equities through the remainder of the year.
