Twenty-four companies listed on the Nigerian Exchange Limited (NGX) now account for 74.8 per cent of the total market capitalisation of Nigeria’s equities market, highlighting the dominance of a relatively small group of firms.
As of August 17, 2026, the companies had a combined market capitalisation of N117.01 trillion, out of the NGX’s total market value of N156.52 trillion.
The overall market capitalisation has increased by N57.14 trillion, or 57.5 per cent, from N99.38 trillion recorded at the end of 2025.
The sharp rise has been driven largely by strong performances from several large-cap stocks. However, analysts warned that the concentration of market value in a few companies means their share-price movements could have a major influence on the wider market.
Dangote Cement overtakes MTN
Dangote Cement emerged as the most capitalised company on the NGX, overtaking MTN Nigeria.
The 24 leading companies comprise nine banks, six consumer goods firms, three industrial goods companies, three energy companies, one consumer services company and one telecommunications company.
The companies include Dangote Cement, MTN Nigeria, BUA Foods, BUA Cement, Aradel Holdings, First Holdco, HBM Nigeria, Zenith Bank, GTCO, Stanbic IBTC Holdings, Transcorp Hotels, Presco, Nestlé Nigeria, Nigerian Breweries, Geregu Power, UBA, International Breweries, Transcorp Power, Access Holdings, Fidelity Bank, Okomu Oil Palm, Ecobank Transnational Incorporated and Wema Bank.
Banks maintain strong presence
The banking sector accounted for a significant portion of the highly valued stocks.
First Holdco led the banks with a market capitalisation of N6.37 trillion, followed by Zenith Bank at N5.04 trillion and GTCO at N4.70 trillion.
Stanbic IBTC Holdings had N2.56 trillion, UBA N1.99 trillion, Access Holdings N1.45 trillion and Fidelity Bank N1.38 trillion. Ecobank Transnational Incorporated and Wema Bank recorded N1.27 trillion and N1.16 trillion respectively.
Analysts attributed the strong performance of banking stocks partly to the sector’s recapitalisation exercise and improved investor sentiment.
BUA Foods leads consumer goods
BUA Foods was the most capitalised company in the consumer goods sector, with a market value of N13.69 trillion.
Presco followed with N2.40 trillion, while Nestlé Nigeria stood at N2.22 trillion. Nigerian Breweries and International Breweries recorded N2.10 trillion and N1.79 trillion respectively.
Despite improved investor expectations, the sector continues to face challenges from high production costs, inflation and weak consumer purchasing power.
Dangote Cement leads industrial stocks
Dangote Cement dominated the industrial goods sector with a market capitalisation of N17.15 trillion.
BUA Cement followed with N13.69 trillion, while HBM Nigeria recorded N5.38 trillion.
The figures further showed the significant role of large-cap industrial stocks in driving the overall growth of the Nigerian equities market.
Energy sector records strong valuations
Seplat Energy and Aradel Holdings led the energy sector, each recording a market capitalisation of N6.72 trillion.
Geregu Power followed with N2.06 trillion, while Transcorp Power recorded N1.65 trillion.
Analysts divided over investment prospects
Analysts maintained mixed views on the investment prospects of stocks listed on the NGX.
Of 32 stocks assessed, 17 received Buy or Strong Buy ratings, while 12 were rated Sell or Strong Sell. Three stocks received Neutral ratings.
Analysts advised investors to consider factors such as earnings growth, company valuations, debt levels, cash flow, dividend prospects and return on equity rather than relying solely on recent share-price gains.
Huge gains recorded by some stocks
Several companies recorded extraordinary year-to-date gains.
Zichis Agro Allied Industries topped the gainers, rising 1,744.22 per cent to N18.35 per share.
SCOA Nigeria gained 365.49 per cent to N33.05, while Infinity Trust Mortgage Bank rose 221.43 per cent to N11.25.
Berger Paints Nigeria increased by 207.50 per cent to N147.60, while Premier Paints gained 204 per cent to N30.40.
First Holdco rose 198.51 per cent to N140, Vitafoam Nigeria gained 153.04 per cent to N194, while HBM Nigeria appreciated by 149.25 per cent to N334.
Some investors record heavy losses
Despite the broad market rally, several stocks recorded significant declines.
Sovereign Trust Insurance was the biggest loser, falling 50.39 per cent to N1.89 per share.
Ellah Lakes declined 41.52 per cent to N8.10, while Guinea Insurance dropped 43.37 per cent to N0.76.
SUNU Assurances fell 39.64 per cent to N3.32, while Austin Laz declined 39.06 per cent to N2.84.
Other major losers included Royal Exchange, Triple Gee & Company, Champion Breweries, Universal Insurance and Transcorp Power.
Asset size tells a different story
The ranking changed when companies were assessed according to total assets rather than market capitalisation.
Ecobank Transnational Incorporated had the largest total assets in Q2 2026 at N49.15 trillion, followed by First Holdco with N30.65 trillion.
Aradel Holdings ranked third with N10.88 trillion, while FCMB had N8.36 trillion and Oando N7.89 trillion.
Dangote Cement recorded N6.62 trillion in assets, MTN Nigeria N5.97 trillion, Sterling Holdings N4.67 trillion, BUA Cement N1.92 trillion and BUA Foods N1.67 trillion.
Analysts, however, stressed that a large asset base does not automatically translate into profitability or strong returns for shareholders, particularly when assets are heavily financed by liabilities.
Negative equity raises concerns
The Q2 2026 figures also highlighted differences in the financial strength of listed companies.
While several firms recorded positive shareholders’ equity, Aradel Holdings had negative equity of N2.16 trillion despite total assets of N10.88 trillion.
Oando also recorded negative equity of N530.45 billion against assets of N7.89 trillion.
Analysts said investors should examine companies with negative equity carefully, particularly their cash flows, debt levels and plans for recapitalisation or restructuring.
Market analyst David Adonri, Chief Executive Officer of Highcap Securities Limited, said the concentration of more than 70 per cent of market capitalisation among just 24 companies showed that the market’s headline performance was being driven largely by a small number of major stocks.
He advised investors to look beyond the All-Share Index and assess individual companies based on their earnings and valuations.
Another analyst noted that the difference between the Buy and Sell recommendations demonstrated that the market rally had created both investment opportunities and valuation risks.