Eleven of the biggest companies listed on the Nigerian Exchange have continued to dominate the local stock market, accounting for about 75.14 per cent of the total market capitalisation as investors maintained strong interest in equities.
As of September 30, 2026, the combined market value of the 11 companies stood at approximately N122.56 trillion out of the NGX’s total market capitalisation of N163.105 trillion.
The companies cut across major sectors of the economy, including telecommunications, banking, cement manufacturing, oil and gas, information technology and agro allied businesses. Their strong performance has made them key contributors to the market’s impressive growth this year.
The companies are Airtel Africa, Dangote Cement, MTN Nigeria Communications, Seplat Energy, BUA Cement, BUA Foods, Aradel Holdings, HBM Nigeria, FirstHoldCo, Zenith Bank and Guaranty Trust Holding Company, also known as GTCO.
Their combined market value has risen sharply since the end of 2025. Between December 2025 and September 2026, their total capitalisation climbed by about 84.7 per cent, representing an increase of N56.19 trillion from N66.37 trillion to N122.56 trillion.
The wider equities market also recorded significant growth during the same period. Total NGX market capitalisation increased by N63.73 trillion in the first nine months of 2026, moving from N99.376 trillion at the end of 2025 to N163.105 trillion by September 30.
Airtel Africa remained the most valuable company on the Exchange during the period, followed by Dangote Cement and MTN Nigeria. Seplat Energy, Aradel Holdings and Dangote Cement were also among the stocks that recorded some of the strongest price gains.
Airtel Africa posted one of the biggest increases, with its market capitalisation rising by 177.5 per cent 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 a year to date gain of 177.53 per cent.
Dangote Cement also recorded substantial growth, with its market capitalisation rising from N10.28 trillion at the end of 2025 to N17.99 trillion by September 30, an increase of about 75.2 per cent.
The company’s share price rose from N609 to N1,066.70 during the same period, supported by stronger earnings. Its unaudited results for the first half of 2026 showed that revenue increased by 21.4 per cent to N2.514 trillion, while Group EBITDA rose by 25.8 per cent to N1.188 trillion.
Earnings per share also increased by 24.3 per cent to N38.22, while the company ended the period with a net cash position of N215.2 billion. Group volumes grew by 11.8 per cent to 14.9 million tonnes, with Nigeria continuing to make the largest contribution to earnings.
MTN Nigeria was another major performer, with its market capitalisation reaching N17.57 trillion by September 2026, compared with N10.73 trillion at the end of 2025.
The company’s share price increased from N511 on December 31, 2025 to N837 on September 30, 2026, representing a gain of about 63.7 per cent.
BUA Cement also recorded strong growth, with its market capitalisation rising from N6.04 trillion at the end of 2025 to N10.06 trillion by September 30, an increase of 66.4 per cent.
Other companies among the 11 leading stocks included Seplat Energy with a market capitalisation 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 another standout performer, with its share price rising by 175.44 per cent year to date to N16,000.10 from N5,809 at the end of 2025. The stock also recorded another strong run in September, climbing from N13,552.60 to N14,907.80 within 10 days.
The sharp rise in Seplat Energy’s value came amid elevated global oil prices and renewed concerns over geopolitical tensions and important energy and shipping routes. Brent crude recently traded above $106 per barrel, while West Texas Intermediate hovered around $94 per barrel.
Market analysts have linked the broader rally to stronger investor confidence, improving corporate performance and macroeconomic reforms. Increased foreign portfolio investment and strong demand for new share offerings have also pointed to growing confidence in Nigeria’s capital market.
The market received another boost after Nigeria returned to frontier market status under the FTSE Russell classification in September 2026. The development increased the visibility of Nigerian equities among international investors and could encourage additional foreign capital inflows.
Following the restoration of Nigeria’s frontier market classification on September 21, after a three year absence, the market gained N5.37 trillion, or 3.4 per cent, during September. Market capitalisation rose from N157.739 trillion at the end of August to N163.104 trillion by September 30.
The commencement of the N2.1 trillion Dangote Refinery initial public offering in September also drew significant attention from investors and influenced activity across the market.
Vice President of Highcap Securities, David Adonri, attributed the strong performance of the stock market during the first nine months of 2026 to improving economic conditions, higher crude oil prices, the Monetary Policy Committee’s interest rate cut and Nigeria’s return to the FTSE Russell frontier market classification.
According to Adonri, the initial movement of investors from the secondary market into the primary market in preparation for the Dangote Refinery IPO temporarily affected secondary market activity before the impact eased.
Looking ahead to the final quarter of the year, Adonri expects the market to remain active as investors begin positioning for end of year distributions.
He said the favourable economic environment and the proposed listing of Dangote Refinery could support market activity, although political risks are expected to remain a factor as the year draws to a close.
With the leading companies now accounting for three quarters of the NGX’s total value, their performance is likely to remain a major factor in determining whether the Nigerian stock market can sustain its strong run through the final months of 2026.
