Eleven top stocks have accounted for a significant N58.005 trillion in market capitalisation on the Nigerian Exchange (NGX) at the close of July 2025 trading.
These figures highlight the dominance of the stocks in the equities market.
According to the July monthly report released by the Nigerian Exchange, the top stocks include MTNN, Dangote Cement, Airtel Africa, BUA Food, BUA Cement, Guaranty Trust Holding Company (GTCO), Seplat Energy, Zenith Bank, Geregu Power, Transcorp Power, and Lafarge Africa. These companies have sustained their positions as market leaders.
As of July 31, 2025, the total equities market capitalisation stood at N88.425 trillion, and 11 companies controlled 65.60 per cent of it.
A cursory look at the trading figures as of July 31, 2025, showed that MTN Nigeria has surged to become the most capitalised stock on the NGX, accounting for N9.910 trillion. Dangote Cement followed with a market capitalisation of N8.914 trillion, while Airtel Africa recorded a market capitalisation of N8.683 trillion.
While BUA Foods, BUA Cement, GTCO, Seplat Energy, Zenith Bank, Geregu Power, Transcorp Power and Lafarge Africa accounted for market capitalisation of N8.262 trillion, N4.572 trillion, N3.661 trillion, N3.207 trillion, N3.142 trillion, N2.854 trillion, N2.400 trillion and N2.400 trillion.
Stock market analysts noted that “investors in the capital market are thrilled by the positive trend the market has witnessed. It is an attestation of investors’ confidence in the market, resulting in the all-share index crossing the 141,000 points mark and market capitalisation crossing the N89 trillion mark.”
Speaking on the Company’s H1 results, MTNN CEO Karl Toriola, said, “We are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market. Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review.
“This was driven by robust demand for our services, proactive customer value management and price adjustments, mainly in Q2. In reinforcing this growth, we accelerated investment in our network to enhance capacity, coverage and quality of experience.”
He added that MTNN reported a profit after tax of N414.9 billion, marking a strong recovery from the loss after tax of N519.1 billion recorded in the prior year.
Also, the chief executive officer of Dangote Cement, Arvind Pathak, stated, “we are pleased to report a solid performance in the first half of 2025, underscoring the strength, resilience, and adaptability of our business amidst improvements in key macroeconomic indicators.
“Group revenue grew by 17.7 per cent to N2,071.6 billion, compared to N1,760.1 billion in H1 2024, reflecting both strategic pricing actions and continued demand for our products across markets.”
He added, “Our focus on operational efficiency and cost containment is delivering tangible results. Group EBITDA rose by an impressive 41.8 per cent to N944.9 billion, while Group profit surged by 174.1 per cent to N520.5 billion, surpassing our full-year 2024 profit in just six months. This performance is a testament to our disciplined execution, strong cost management, and strategic investments over the years.”
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