This was based on an analysis of market data tracking the performance of large-cap stocks quoted on the bourse.
The 11 companies, spanning the cement, oil and gas, information technology, banking, and agro-allied sectors, continued to deliver strong performance across key indicators, reinforcing their role as major drivers of market growth.
The companies include Airtel Africa Plc, Dangote Cement 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).
Their combined valuation rose significantly during the period under review, reflecting sustained investor interest and improving macroeconomic conditions.
Between December 2025 and September 2026, the market capitalisation of the 11 largest companies increased by 84.7 per cent, or N56.19 trillion, from N66.37 trillion in December 2025 to about N122.56 trillion at the end of September 2026.
Similarly, the market capitalisation of listed equities on the NGX advanced by N63.73 trillion in the first nine months of 2026, rising from N99.376 trillion to N163.105 trillion as of September 30.
The growth underscored the continued concentration of market value among a relatively small group of dominant companies.
As of September 30, 2026, Airtel Africa remained the most capitalised stock on the NGX, followed by Dangote Cement Plc and MTN Nigeria Communications Plc.
Seplat Energy Plc, Airtel Africa, Aradel Holdings Plc and Dangote Cement were also among the most expensive stocks on the Exchange.
Meanwhile, six Nigerian companies — Dangote Cement, Aradel Holdings, FirstHoldCo, Guaranty Trust Holding Company (GTCO) Plc, MTN Nigeria Communications Plc and Zenith Bank Plc — joined the 50-stock benchmark effective at the close of trading on September 18, 2026.
Driven by strong investor demand, Airtel Africa’s market capitalisation surged by 177.5 per cent from N8.53 trillion to N23.68 trillion as of September 30, 2026.
The telecommunications company’s share price rose to N6,300 per share, representing a year-to-date gain of 177.53 per cent from N2,270 at the beginning of the year.
Dangote Cement followed, with a market capitalisation of N17.99 trillion as of September 30, up about 75.2 per cent from N10.28 trillion at the end of 2025.
The cement manufacturer’s share price similarly appreciated by 75.2 per cent from N609 at the end of 2025 to N1,066.70 as of September 30, 2026, supported by impressive corporate earnings.
Dangote Cement’s unaudited results for the first half of 2026 showed revenue up 21.4 per cent to N2.514 trillion, while Group EBITDA rose 25.8 per cent to N1.188 trillion, representing a margin of 47.3 per cent.
Earnings per share advanced by 24.3 per cent to N38.22, while the company closed the period with a net cash position of N215.2 billion.
Overall Group volumes grew by 11.8 per cent to 14.9 million tonnes, supported by resilient demand in key markets. Nigeria continued to anchor earnings, with domestic EBITDA rising 28.4 per cent to N1.086 trillion and margins improving to 60.1 per cent.
MTN Nigeria Communications followed closely, with a market capitalisation of N17.57 trillion as of September 2026, up 63.8 per cent from N10.73 trillion at the end of 2025.
