Nigeria’s equities market remains heavily tilted toward its biggest listed companies, as the top 10 firms on the Nigerian Exchange (NGX) recorded a combined market capitalization of N110.12 trillion in April 2026. This figure represents 70.73% of the NGX’s total equity market capitalization of N155.70 trillion, underscoring the growing dominance of blue-chip stocks.
The 10 largest companies on the Nigerian Exchange also account for 77.12% of the total SWOOT market capitalization of N142.79 trillion in the period under review, reflecting that a small group of mega-cap stocks now exerts outsized influence on valuation, liquidity, and investor sentiment.
The top 10 listed companies continued to post strong gains across key performance indicators, reinforcing their position as the primary drivers of market growth. Their combined valuation has risen significantly over the past year, reflecting sustained investor interest and favorable macroeconomic conditions.
Between March 2026 and April 2026, market capitalization for the 10 largest companies increased by N23.15 trillion, rising from N86.96 trillion in March 2026 to N110.12 trillion in April 2026. Compared to April 2025, the top 10 added N68.28 trillion compared to N41.83 trillion recorded in April 2025, with several stocks more than doubling in value.
On a year-to-date basis, the group gained N45.75 trillion from N64.37 trillion in December 2025. The top 10 now account for 77.12% of the total SWOOT valuation of N142.79 trillion. This growth highlights the continued concentration of market value in a small group of dominant companies.
In the week ended May 8, 2026, the Nigerian equities market closed on a positive note, with the All-Share Index gaining 1.03% to settle at 244,775.83. Market capitalization rose to N157.09 trillion, representing a 2,498.02-point increase from the previous week’s close of 242,277.81, as gains in large-cap stocks pushed the benchmark index above the 244,000-mark.
Trading activity also strengthened, with total turnover rising to 7.07 billion units valued at N324.3 billion, compared to 4.8 billion units traded in the prior week. Market breadth reflected a bullish sentiment, with 69 equities advancing, higher than 52 recorded previously, while 36 stocks declined.
Year-to-date, the Nigerian equities market has maintained a strong positive performance, with the All-Share Index delivering a return of 57.30%, while quarter-to-date performance stood at 21.60%.
Nigerian Aviation Handling Company Plc (NAHCO) is proposing a 1-for-7 bonus issue and a cash dividend of N6.25 per share, subject to shareholder approval at its AGM on May 15, 2026. This proposal aims to create 278,437,500 new ordinary shares, increasing the company's share capital to approximately N1.113 billion.
Transnational Corporation Plc (Transcorp Plc) shareholders have granted the board broad powers to invest in, acquire, restructure, or divest from businesses, signaling potential strategic transactions that could reshape shareholder value.
