22 Stocks Cross N1trn Market Cap On Nigerian Exchange
The Nigerian Exchange (NGX) market has witnessed significant growth, with 22 stocks crossing the N1 trillion market capitalisation mark as of November 28, 2025.
This milestone reflects the increasing relevance of sector leaders in shaping market direction, capital flows, and investor sentiment. The combined dominance of these companies represents core pillars across Consumer Goods, Industrial Goods, Financial Services, Oil & Gas, Telecoms, Services, Agriculture, and Power sectors.
Reviewing the performance, BUA Foods top the highest market capitalisation with N12.465 trillion, supported by sustained demand for essential food products and strong pricing power in consumer staples.
MTN Nigeria Communications (MTNN) followed with a market capitalisation of N9.881 trillion, while Dangote Cement achieved a market capitalisation of N9.021 trillion.
Airtel Africa has a market cap of N8.531 trillion, BUA Cement market Capitalisation stood at N5.418 trillion, Seplat Energy declared a market cap of N3.485 trillion.
Others are: Guaranty Trust Holding Company (N3.147 trillion), Aradel Holdings (N2.998 trillion), Zenith Bank (N2.464 trillion), Transcorp Power (N2.303 trillion) Lafarge Africa (N2.158 trillion), Nigerian Breweries (N2.068 trillion), International Breweries (N1.935 trillion), Transcorp Hotels (N1.791 trillion), Stanbic IBTC Holdings (N1.670 trillion), United Bank for Africa (N1.496 trillion), Presco (N1.450 trillion), Nestle Nigeria (N1.411 trillion), First HoldCo (N1.3 trillion), Access Holdings (N1.120 trillion) and Okomu Oil (N1.058 trillion).
As of November 28, 2025, 22 listed companies out of 147 companies amounted to N80.024 trillion, representing 87.85 per cent of the total market capitalisation of the Nigerian Exchange (NGX). The total market capitalization under the period review stood at N91.089 trillion
According to market observers, concentration of market value within a small cluster of high-capitalisation companies shows the strength and imbalance of the Nigerian equity market. On the one hand, they said, the dominance of these blue-chip stocks reflects investors’ preference for firms with stable earnings and a consistent dividend history.
Analysts expected these large-cap stocks to continue driving overall market performance in the short term, particularly as many of them are positioned favourably in sectors benefiting from macroeconomic stabilisation, ongoing infrastructure investments, energy reforms, and rising consumer demand.
The vice chairman of Highcap Securities Limited, David Adonri called for more large companies to list on the Nigerian Exchange (NGX) to deepen the market, boost liquidity, attract a broader investor base, and foster national economic growth.
He said, the current market capitalisation is heavily concentrated among a few large firms, and increased listings would ensure more equitable wealth distribution and align the capital market with the size of Nigeria’s economy.
To him, a greater number of listed companies, especially large ones like the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery, would significantly increase market depth and liquidity, making it easier for investors to trade shares.
