Airtel Africa, Dangote Cement, MTN, Seven Others Account for 72.2% of NGX N156.44tn Market Capitalisation

Kayode Tokede

Airtel Africa Plc, Dangote Cement Plc, MTN Nigeria Communications Plc, BUA Cement, Seplat Energy Plc and five other blue-chip companies have tightened their grip on the Nigerian equities market, accounting for N112.902 trillion, or 72.2 per cent, of the Nigerian Exchange Limited’s (NGX) overall market capitalisation of N156.44 trillion as of July 10, 2026.
The development followed renewed positive sentiment in the stock market, as investors returned to fundamentally strong equities after the massive sell-off and profit-taking that rocked the Exchange in June.

The 10 most capitalised companies span the telecommunications, cement, oil and gas, information technology, banking and agro-allied sectors, highlighting the dominance of a handful of large corporations in determining the direction of the Nigerian stock market.
Airtel Africa emerged as the most capitalised company on the NGX after its market value crossed the N20 trillion threshold to N21.8 trillion, a historic milestone for the telecommunications giant.
Strong investor demand pushed Airtel Africa’s share price up by 10 per cent to N5,801.40 per share, from N5,274 at the start of the trading period.

The rally in Airtel Africa and other heavyweight stocks helped propel the overall market capitalisation by N9.3 trillion in one week, rising from N147.1 trillion to N156.44 trillion as of July 10.
Dangote Cement followed with a market capitalisation of N17.7 trillion, while MTN Nigeria Communications Plc occupied the third position with N17.01 trillion.

An agro-allied heavyweight, BUA Foods, whose share price has remained flat at N939 since June 2026, recorded a market capitalisation of N16.9 trillion, making it the fourth most capitalised stock on the Exchange. The company had ranked as the NGX’s most valuable listed company in June.

BUA Cement Plc, with a market capitalisation of N11.5 trillion, was the other company whose valuation exceeded the N10 trillion mark.
Other companies in the top 10 were Seplat Energy Plc, valued at N6.82 trillion; Aradel Holdings Plc, N6.63 trillion; HBM Nigeria Plc, N5.4 trillion; Guaranty Trust Holding Company Plc, N4.61 trillion; and Zenith Bank Plc, with N4.55 trillion in market capitalisation as of July 10.
The renewed bullish sentiment followed the heavy profit-taking that swept through the market in June 2026.

The Nigerian stock market suffered its worst monthly decline on record in June, when investors lost N13.3 trillion in the value of listed equities, bringing one of the market’s strongest rallies to an abrupt halt.
Analysts at Cordros Research expressed optimism that market sentiment would remain constructive as investors continued to take positions ahead of the release of first-half 2026 corporate earnings.
According to the analysts, attention is expected to remain focused on fundamentally sound stocks that still offer attractive entry points following the recent market correction.

Chief Executive Officer of HighCap Securities Limited, David Adonri, had also projected a mild recovery in the Nigerian equities market in the second half of 2026, supported by improving corporate fundamentals and sustained macroeconomic reforms.
Adonri said the market was expected to gradually regain momentum as investors responded to stronger corporate earnings, improving economic indicators and growing confidence in the federal government’s reform agenda.
He, however, warned that persistent inflationary pressures, political uncertainties ahead of the 2027 general election, insecurity, simultaneous capital-raising exercises and the continuing conflict in the Gulf region could pose significant downside risks to the market in the months ahead.

According to him, the recent correction on the NGX should not be interpreted as evidence of structural weakness in the capital market, but as a normal phase of institutional portfolio repositioning following the strong rally induced by economic reforms.
“The current market correction is a result of institutional investors repositioning their portfolios and not an indication of a breakdown in market fundamentals,” Adonri said.

He added that investor sentiment remained largely supported by improving macroeconomic conditions and projected a mild recovery in the second half of the year, driven by stronger corporate fundamentals and better earnings prospects.
Adonri identified the anticipated listing of Dangote Refinery on the Nigerian Exchange as one of the major developments that could shape the market in the coming months.

He described the proposed listing as a potential game-changer capable of significantly expanding the size, depth and attractiveness of Nigeria’s capital market.