Just 24 companies account for 74.8 per cent of the total market capitalisation of Nigeria’s equities market, highlighting the growing dominance of a relatively small group of large companies on the Nigerian Exchange (NGX).
As of August 17, 2026, the 24 companies had a combined market capitalisation of N117.01 trillion, while the overall NGX market capitalisation stood at N156.52 trillion.
The NGX has gained N57.14 trillion, or 57.5 per cent, since the beginning of 2026, rising from N99.38 trillion at the end of December 2025. The rally has been driven largely by strong performances from major stocks, although analysts warn that the market’s concentration means movements in a handful of companies can significantly influence the overall index.
The 24 companies are spread across banking, consumer goods, industrial goods, energy, telecommunications and consumer services. They include Dangote Cement, MTN Nigeria, BUA Foods, BUA Cement, Aradel Holdings, First HoldCo, HBM Nigeria, Zenith Bank, GTCO, Stanbic IBTC, 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 Among Major Market Players
First HoldCo is the most valuable bank on the NGX, with a market capitalisation of N6.37 trillion, followed by Zenith Bank at N5.04 trillion and GTCO at N4.70 trillion.
Stanbic IBTC has a market value of N2.56 trillion, while UBA stands at N1.99 trillion. Access Holdings and Fidelity Bank have market capitalisations of N1.45 trillion and N1.38 trillion respectively.
Ecobank Transnational Incorporated and Wema Bank are valued at N1.27 trillion and N1.16 trillion.
Analysts attribute the strong performance of banking stocks partly to the sector’s recapitalisation exercise and improved investor sentiment.
Dangote Cement Leads Industrial Stocks
Dangote Cement overtook MTN Nigeria to become the most capitalised company on the NGX, with a market value of N17.15 trillion.
BUA Cement follows with N13.69 trillion, while HBM Nigeria has N5.38 trillion.
In the consumer goods sector, BUA Foods leads with N13.69 trillion, followed by Presco at N2.40 trillion and Nestlé Nigeria at N2.22 trillion.
Nigerian Breweries and International Breweries recorded market capitalisations of N2.10 trillion and N1.79 trillion respectively.
In the energy sector, Seplat Energy and Aradel Holdings each recorded N6.72 trillion, while Geregu Power stood at N2.06 trillion and Transcorp Power at N1.65 trillion.
Some Stocks Gain Over 1,700%
The market rally has also produced extraordinary gains among several stocks.
Zichis Agro Allied Industries was the biggest year-to-date gainer, rising 1,744.22 per cent to N18.35 per share.
SCOA Nigeria gained 365.49 per cent, while Infinity Trust Mortgage Bank rose 221.43 per cent. Berger Paints and Premier Paints also recorded gains of more than 200 per cent.
First HoldCo gained 198.51 per cent to N140 per share, while Vitafoam Nigeria and HBM Nigeria rose 153.04 per cent and 149.25 per cent respectively.
However, the market rally has not benefited every investor.
Sovereign Trust Insurance was the biggest loser, falling 50.39 per cent, while Ellah Lakes and Guinea Insurance declined 41.52 per cent and 43.37 per cent respectively.
Market Capitalisation Does Not Tell the Whole Story
The ranking changes considerably when companies are assessed by total assets rather than market value.
Ecobank Transnational Incorporated had the largest asset base in Q2 2026 at N49.15 trillion, followed by First HoldCo at N30.65 trillion.
Aradel Holdings ranked third with N10.88 trillion, while FCMB and Oando recorded N8.36 trillion and N7.89 trillion respectively.
Analysts, however, warned that a large asset base does not automatically translate into profitability or strong shareholder returns, particularly when assets are heavily financed by liabilities.
Some companies also recorded negative shareholders’ equity. Aradel Holdings had negative equity of N2.16 trillion, while Oando recorded negative equity of N530.45 billion.
Analysts Warn Investors Against Chasing Rally
Market analysts said the concentration of nearly three-quarters of the NGX’s value in just 24 companies shows how heavily the market depends on large-cap stocks.
David Adonri, Chief Executive Officer of Highcap Securities Limited, said investors should look beyond the All-Share Index and examine individual companies, earnings and valuations.
“The 70.5 per cent concentration is significant because it shows that the headline market performance is being driven by a relatively small number of large companies.”
Analysts also warned investors against chasing stocks simply because they have recorded impressive year-to-date gains.
They advised investors to consider earnings growth, dividend prospects, debt levels, cash flow, valuations and return on equity before making investment decisions.
Source: Market analysis based on NGX data and analysts’ comments.
