Twenty-four companies accounted for 74.8 per cent of Nigeria’s total equities market capitalisation as of August 17, 2026, highlighting the concentration of value among a relatively small group of stocks on the Nigerian Exchange Limited (NGX).
The companies, drawn largely from the banking, consumer goods, industrial goods and energy sectors, had a combined market capitalisation of N117.01 trillion. Meanwhile, total NGX market capitalisation increased by N57.141 trillion, or 57.5 per cent year-to-date (YtD), from N99.376 trillion on December 31, 2025, to N156.517 trillion.
The market expansion has been driven by strong gains across several large-cap and smaller stocks. However, analysts said the concentration of value means movements in heavily capitalised companies can have a disproportionate effect on the overall market index. Dangote Cement Plc overtook MTN Nigeria Plc as the most capitalised company, with a market value of N17.15 trillion. BUA Foods followed with N13.69 trillion, while BUA Cement also recorded N13.69 trillion.
Nine banks featured among the companies highlighted. First Holdco led banking stocks with N6.37 trillion, followed by Zenith Bank at N5.04 trillion and GTCO at N4.70 trillion. Stanbic IBTC Holdings recorded 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.
The strong performance of banking stocks has been linked to repricing following the sector’s recapitalisation exercise and improved investor sentiment. Among consumer goods companies, BUA Foods led with N13.69 trillion, followed by Presco at N2.40 trillion and Nestle Nigeria at N2.22 trillion. Nigerian Breweries and International Breweries recorded N2.10 trillion and N1.79 trillion respectively.
Zichis Agro Allied Industries led YtD gainers with a 1,744.22 per cent increase to N18.35 per share, while SCOA Nigeria gained 365.49 per cent. Sovereign Trust Insurance was the worst performer, declining 50.39 per cent to N1.89. The ranking changes when companies are measured by assets. Ecobank Transnational had N49.15 trillion in total assets in Q2’26, followed by First Holdco with N30.65 trillion.
However, Aradel Holdings recorded negative equity of N2.16 trillion against assets of N10.88 trillion, while Oando had negative equity of N530.45 billion against N7.89 trillion in assets. Highcap Securities CEO David Adonri said, “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.”
He advised investors to look beyond the All-Share Index and examine individual earnings and valuations. Other analysts similarly urged investors to consider cash flows, debt levels, dividends, return on equity and capital structure rather than relying solely on share-price gains. The figures indicate that the rising NGX market capitalisation does not represent uniform improvement across listed companies, making stock selection increasingly important as the market continues its 2026 rally.
