Kayode Tokede
As the nation’s capital market proceed its constructive momentum, 11 prime companies have continued to dominate as they accounted for a whooping 75.9 per cent or N125.294 trillion of the N165.114 trillion Nigerian Exchange Limited (NGX) market capitalisation in 10 months of 2026.
The 11 firms are: Dangote Cement Plc, Airtel Africa Plc, MTN Nigeria Communications Plc, Seplat Energy Plc, BUA Cement plc, and BUA Foods Plc.
Others are: Aradel Holdings Plc. HBM Nigeria Plc, FBN Holding Plc. Zenith Bank Plc, and Guaranty Trust Holdings Plc (GTCO).
The 11 firms minimize throughout cement, oil and fuel, info expertise, banking, and agro-allied sectors.
THISDAY evaluation of market information monitoring the efficiency of NGX large-cap shares confirmed that the 11 firms have added N58.9 trillion in market capitalisation in 10 months of 2026 from N66.37 trillion December 2025 driving the inventory market to a new milestone of N165.114 trillion capitalisation as of October 30, 2026.
Market analysts attributed the rally to enhancing investor confidence, macroeconomic reforms and stronger company efficiency. The resurgence in international portfolio funding, improved firm fundamentals and oversubscribed public choices have been additionally recognized as indicators of a extra resilient Nigerian capital market.
Analyst at Globalview Capital Limited, Mr. Aruna Kebira, attributed the inventory market’s efficiency to enhancing macroeconomic situations, rising crude oil costs, the Monetary Policy (*11*)’s important interest-rate minimize, and Nigeria’s restoration to frontier-market standing by FTSE Russell.
“The switch by investors from the secondary market to the primary market to position for the Dangote Refinery IPO, which initially depressed the secondary market, subsequently fizzled out,” Adonri mentioned.
On the outlook for the fourth quarter, he mentioned: “We are entering a seller’s market, judging from historical antecedents in the fourth quarter. This is when investors start positioning for end-of-year distributions. The market is expected to be upbeat due to the favourable macroeconomic environment and the proposed listing of Dangote Refinery, notwithstanding heightened political risk.”
The mixed market capitalisation of these firms superior considerably in the course of the interval beneath overview, reflecting sustained investor confidence and enhancing macroeconomic situations within the nation.
Nigeria’s inflation eased to 14.63per cent as of September 2026 from 15.15 per cent December 2025, whereas the Naira on the closed September 30, 2026 at N1,331.50 in opposition to the greenback from N1,478.00 in opposition to the greenback September 30, 2025.
The Monetary Policy (*11*) (MPC) of the Central Bank of Nigeria (CBN) additionally eased its Monetary Policy Rate (MPC) to 23 per cent on the final Monetary Policy (*11*) (MPC) assembly.
With buyers collaborating in these firms, the market capitalization of listed firms has gained N65.74 trillion or 66.15 per cent to shut October 30, 2026 at N165.114 trillion from N165.114 trillion, whereas NGX All-Share Index moved to 254,299.49 foundation factors, about 98,686.46 foundation factors or 63.42per cent Year until Date development from 155,613.03 foundation factors the inventory market opened for buying and selling.
The development underscored the continued focus of market worth amongst a comparatively small group of dominant firms.
As of October 30, 2026, Dangote Cement surpassed Airtel Africa to develop into most capitalised inventory on the NGX, adopted by MTN Nigeria Communications and BUA Foods.
Driven by sturdy investor demand, the market capitalisation of Dangote Cement surged by N13.68 trillion or 133.17 per cent from N10.276 trillion it closed December 31, 2025 to N23.96 trillion as of October 30, 2026.
The cement maker noticed its share worth rose to N1,420.00 per share, representing a year-to-date (YtD) achieve of 133.17 per cent from N609 firstly of the yr.
Dangote Cement reported a 31.2 per cent surge in revenue for the 9 months ended September, 30, 2026 in comparison with the identical interval final yr, pushed by a substantial enhance in gross sales, based on the most recent company outcomes of Sub-Saharan Africa’s largest cement maker.
The company posted a 19.6 per cent rise in turnover, which climbed to N3.8 trillion, boosted by improved income from the gross sales of cement and clinker. Nigeria, its major market, accounted for 70.8 per cent of complete gross sales, whereas its pan-African operations contributed the remainder.
Airtel Africa adopted carefully, with a market capitalisation of N23.68 trillion as of October 2026, up by Nn15.15 trillion or 177.53 per cent enhance from N8.53 trillion on the finish of 2025. The inventory worth of Airtel Africa additionally superior by 177.53 per cent to N 6,300.00 per share from N2,270.00 per share it closed for buying and selling in 2025.
Also, MTN Nigeria Communications on the third place of essentially the most capitalised inventory at N17.85 trillion as of October 30, 2026, up by N7.12 trillion or 66.34 per cent from N10.73 trillion December 31, 2025.
BUA Foods with about N13.69 trillion market capitalisation as of October 2026, nevertheless, emerged as the one firm among the many 11 to document a decline in market worth in the course of the interval beneath overview. BUA Foods noticed its market capitalisation dropping by N689.4 billion or 4.79 per cent from N14.38trillion final yr.
The agro allied firm noticed its inventory worth drop by 4.79 per cent to N760.60 per share as of October 30, 2026 from N798.90 per share it closed for buying and selling in 2025.
