The Nigerian Exchange (NGX) has seen 19 firms contribute significantly to its market capitalization, with a combined value of N57.362 trillion in five months.
This impressive figure highlights the importance of these companies in driving the country’s economy and the NGX’s overall performance.
As at May 23, 2025, the 19 Companies had market capitalisations exceeding N1 trillion, and contributed 83.43 per cent or N57.362 trillion out of the N68.752 trillion overall market capitalisation.
At the top of the list is Airtel Africa, valued at N8.106 trillion. BUA Foods followed with a total market capitalisation of N7.524 trillion, while Dangote Cement achieved a market capitalization of N7.424 trillion.
MTN Nigeria Communications (N5.669 trillion), Seplat Energy (N3.289 trillion), Geregu Power (N2.854 trillion), BUA Cement (N2.834 trillion), Transcorp Power (N2.464 trillion), Guaranty Trust Holding Company (N2.390 trillion), Aradel Holdings (N1.999 trillion), Zenith Bank (N1.947 trillion), Nigerian Breweries (N1.673 trillion), International Breweries (N1.565 trillion), Transcorp Hotels (N1.419 trillion), United Bank for Africa (N1.414), Lafarge Africa (N1.327 trillion), Nestle Nigeria (N1.261 trillion), Access Holdings (N1.152 trillion), and First Holdco (N1.051 trillion).
Analysts noted that the NGX’s performance is closely tied to the fortunes of these major companies, which are leaders in their respective sectors, saying that the significant market capitalization reflects investor confidence in these companies and the Nigerian economy.
They noted that, “the performance of these 19 firms has a substantial impact on the Nigerian economy, influencing employment, investment, and economic growth. Their success can drive market trends and attract both local and foreign investment.”
Speaking, the vice chairman of Highcap Securities Limited, David Adonri, stated that Airtel Africa, among others, were the largest companies by market capitalisation on the NGX, adding that if these companies record a one per cent gain, it would affect the direction of the stock market.
He stated that investors were in the earnings season and that what investors would get from dividends is one of the factors that drove the demand for shares in the stock market, noting that the stock market defied current political uncertainties because investors were futuristic, stressing the prospect for a yield environment were bright.
He further said, “optimists also see strength in the market from the perspective of corporate fundamentals, which remain strong despite macroeconomic frailties and assault from misfired public policies.”
The managing director, Globalview Capital Limited, Aruna Kebira, noted that, the stock market has witnessed the tanking of inflation figures and Central Bank of Nigeria (CBN) retaining interest rate at 27.50 per cent in 2025, saying, “those parameters alone gave the capital market investors a moment of respite so far in 2025.
“The yields in the money market are not looking as attractive as they were in 2024, making discerning investors in search of better yields consider the capital market as their investment destination.”
