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Nine of the largest companies listed on the Nigerian Exchange (NGX) have collectively added N46.69 trillion to their market value in the first eight months of 2026, accounting for the overwhelming share of the exchange’s overall equity market expansion during the period.
Data from the NGX showed that the combined market capitalisation of companies classified as megacaps those valued at N5 trillion or more increased from N60.90 trillion on December 31, 2025, to N107.59 trillion by August 31, 2026.
The increase represents a 76.7% rise in the combined value of the nine qualifying companies.
Airtel Africa Leads Megacap Surge
Airtel Africa recorded the strongest appreciation among the group, adding N15.15 trillion to its market capitalisation over the eight-month period.
Its market value climbed from N8.53 trillion at the end of 2025 to N23.68 trillion by August 2026, representing a 177.5% increase.
The telecommunications company consequently emerged as the largest listed megacap on the NGX at the end of August.
Dangote Cement posted the second-largest increase, with its market value rising by N7.17 trillion, from N10.28 trillion to N17.45 trillion, representing a 69.8% increase.
MTN Nigeria followed after adding N6.21 trillion to its valuation. Its market capitalisation rose from N10.73 trillion to N16.94 trillion, equivalent to a 57.9% increase.
Together, Airtel Africa, Dangote Cement and MTN Nigeria contributed N28.53 trillion, or approximately 61%, of the total N46.69 trillion increase recorded by the nine megacaps.
First HoldCo, BUA Cement Also Record Strong Gains
Other major companies also recorded substantial increases in market value during the period.
First HoldCo added N4.59 trillion, taking its market capitalisation from N2.01 trillion to N6.59 trillion.
BUA Cement gained N4.42 trillion, while Seplat Energy increased its market value by N3.91 trillion.
Aradel Holdings also recorded a N3.24 trillion increase, moving from N2.91 trillion at the end of 2025 to N6.15 trillion by the end of August.
Meanwhile, Zenith Bank added N2.69 trillion to its market value and crossed the N5 trillion threshold, closing the period at N5.23 trillion.
BUA Foods Records the Only Decline
While the broader megacap group recorded significant gains, BUA Foods was the only company among the nine to lose market value.
The company’s capitalisation declined by N689 billion, falling from N14.38 trillion at the end of December 2025 to N13.69 trillion by August 31, 2026.
The performance highlights the concentration of gains within Nigeria’s largest listed companies, with most of the megacap stocks recording substantial increases in investor valuation.
Megacaps Drive Nearly 80% of NGX Growth
The performance of these companies has had a major impact on the wider Nigerian equities market.
NGX equity market capitalisation increased from N99.38 trillion at the end of December 2025 to N157.74 trillion at the end of August 2026.
That represents an increase of N58.36 trillion, or 58.7%, over the eight-month period.
Of the total market-capitalisation increase, the nine megacaps accounted for N46.69 trillion, equivalent to 79.9% of the entire growth recorded by the NGX equity market.
The figures indicate that the market’s expansion has been heavily concentrated among its largest listed companies rather than evenly distributed across the broader universe of stocks.
Strong Earnings Support Valuations
The surge in market value has also coincided with stronger reported earnings from several companies in the megacap group, although the companies’ financial results cover different reporting periods.
Seplat Energy recorded the strongest reported profit-after-tax growth, with H1 2026 PAT increasing by 430.3%.
Airtel Africa reported a 147.9% increase in PAT for its 2026 financial year, while First HoldCo, BUA Cement and MTN Nigeria recorded profit growth of 81.6%, 79.6% and 70.6%, respectively.
The combination of earnings growth and rising share valuations has helped reinforce investor interest in some of the country’s biggest listed companies.
Market Growth Comes With Concentration Risk
The dominance of megacaps in the NGX’s 2026 market expansion also underscores the growing concentration of value within a relatively small number of companies.
With almost four-fifths of the market’s increase coming from just nine stocks, movements in these companies can have an outsized effect on the overall performance and valuation of the Nigerian equities market.
For investors, the rally has delivered substantial gains in several large-cap counters. However, the concentration also means that a significant reversal in one or more of the biggest stocks could have a noticeable effect on aggregate market performance.
As the NGX enters the final months of 2026, the performance of Airtel Africa, Dangote Cement, MTN Nigeria and the other megacaps is likely to remain central to the direction of the broader equities market.
The first eight months have already established the largest listed companies as the principal drivers of Nigeria’s latest stock-market expansion, with N46.69 trillion in additional market value concentrated in just nine businesses.
