The Market Giants: 15 Companies Now Make Up 78% of the NGX Market Cap
As of November 5, 2025, the Nigerian equities market continues to demonstrate concentrated investor confidence in a select number of large-cap companies with strong fundamentals, robust earnings, and strategic acquisitions, as the exchange anticipates an increase in listed companies in 2026. A growing number of listed firms have crossed the N1 trillion market capitalisation threshold, reaffirming the resilience and depth of Nigeria’s corporate heavyweights despite macroeconomic headwinds.
A total of 22 companies currently trade above the N1 trillion value mark, representing core pillars across Consumer Goods, Industrial Goods, Financial Services, Oil & Gas, Telecoms, Services, Agriculture and Power sectors. Their combined dominance reflects the increasing relevance of sector leaders in shaping market direction, capital flows, and investor sentiment (see table 1 below)
BUA Foods currently leads the market with a valuation of N12.47trn (US$8.69bn), supported by sustained demand for essential food products and strong pricing power in consumer staples. Dangote Cement follows at N11.14trn (US$7.77bn), benefiting from government-led infrastructure spending and private sector construction activities.
MTN Nigeria retains a strong position among the top three, with a market capitalisation of N10.92trn (US$7.62bn), followed by Airtel Africa, which remains the second-largest telecoms play, valued at N8.68trn (US$6.06bn). In the Industrial Goods segment, BUA Cement remains strong at N6.10trn (US$4.25bn), leveraging capacity expansion and competitive pricing to maintain market relevance. The Oil & Gas sector is represented by SEPLAT (N3.55trn) and ARADEL (N3.08trn), reflecting investor positioning for upstream production strength and acquisitions made.
Within the Financial Services sector, GTCO (N3.10trn), ZENITHBANK (N2.53trn), UBA (N1.62trn), STANBIC (N1.79trn), FIRSTHOLDCO (N1.32trn), and ACCESSCORP (N1.23trn) remain standout performers, supported by earnings resilience, capital adequacy, and the ongoing recapitalisation exercise. GEREGU (N2.85trn) and TRANSPOWER (N2.57trn) are showing the growing influence of the Power and Utilities sector on market structure and investor diversification (see table 1 below)
Top 15 Companies of NGX Market Capitalisation
The Nigerian equities market remains heavily concentrated among a small group of large-cap companies. As of November 5, 2025, the top 15 listed companies accounted for 78% of the total market capitalisation of the Nigerian Exchange (NGX), highlighting the dominance of major players across key sectors, including Consumer Goods, Industrial Goods, Telecoms, Financial Services, Oil & Gas, and Power. However, all other listed companies combined account for just 22% of the total market capitalisation, highlighting the strong dominance of blue-chip stocks in shaping the market direction (see chart below)
The concentration of market value within a small cluster of high-capitalisation companies shows the strength and imbalance of the Nigerian equity market. On the one hand, the dominance of these blue-chip stocks reflects investors’ preference for firms with stable earnings and a consistent dividend history.
Analysts expect these large-cap stocks to continue driving overall market performance in the short term, particularly as many of them are positioned favourably in sectors benefiting from macroeconomic stabilisation, ongoing infrastructure investments, energy reforms, and rising consumer demand. Also, market sentiment could be influenced by the NGX’s consideration to adjust trading hours, which is currently undergoing stakeholder review. If implemented, extended trading hours may improve liquidity for investors and enhance price discovery by allowing greater participation and trading flexibility
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