Nine NGX megacaps add N46.69tn value in eight months, Airtel leads
Nine listed companies on the Nigerian Exchange with market values of at least N5 trillion gained N46.69 trillion in market capitalization between 31 December 2025 and 31 August 2026, lifting the group’s total value from N60.90 trillion to N107.59 trillion—a 76.7% rise. Airtel Africa contributed the most, adding N15.15 trillion as its value jumped from N8.53 trillion to N23.68 trillion (177.5% gain). Dangote Cement followed with N7.17 trillion added (N10.28tn to N17.45tn, +69.8%) and MTN Nigeria added N6.21 trillion (N10.73tn to N16.94tn, +57.9%). BUA Foods was the sole decliner, shedding N689 billion.
The megacap surge accounted for N46.69 trillion of the NGX’s overall equity market‑capitalization increase of N58.36 trillion, meaning roughly 80% of the exchange’s growth came from these nine stocks. The top three—Airtel, Dangote Cement and MTN—together supplied about 61% of the megacap gain. Strong earnings accompanied the rises: Seplat Energy reported H1 2026 profit after tax up 430.3%, Airtel’s FY 2026 PAT rose 147.9%, and First HoldCo, BUA Cement and MTN posted profit growth exceeding 70%. However, market‑value increases sometimes outpaced earnings, indicating that investor expectations and valuation shifts also played a role.
For investors, the data highlights where the market’s momentum is concentrated and raises questions about diversification: should you overweight these megacaps given their earnings strength, or does the valuation‑earnings gap suggest caution?