NGX market capitalisation rose 6.8 per cent in January 2026 as strong investor demand lifted 23 blue-chip stocks across key sectors

The market capitalisation of the Nigerian Exchange Limited rose by N6.8 trillion, or 6.8 per cent, to close January 2026 at N106.15 trillion, buoyed by strong investor confidence and heavy demand for 23 blue-chip stocks.

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The rally was driven by sustained buying interest across large capitalised companies spanning cement, banking, oil and gas, telecommunications, agriculture, fast moving consumer goods and power generation, reinforcing the dominance of top tier equities on the Exchange.

Following their January performance, the 23 blue-chip firms accounted for 87.5 per cent of total NGX market capitalisation, representing N92.9 trillion of overall market value, underscoring the growing concentration of wealth among Nigeria’s largest listed companies.

BUA Foods Plc emerged as the most capitalised stock on the NGX at the close of trading in January, overtaking MTN Nigeria Communications Plc, Dangote Cement Plc, Airtel Africa Plc and BUA Cement Plc.

Despite trading flat at N798.90 per share during the month, BUA Foods closed January with a market capitalisation of N14.38 trillion, supported by robust fundamentals and strong earnings performance.

The food manufacturing group reported a profit after tax of N507.73 billion for 2025, representing a 91 per cent increase over the N265.99 billion recorded in the corresponding period of 2024, while revenue rose by 18 per cent to N1.80 trillion.

MTN Nigeria Communications followed with a market capitalisation of N12.01 trillion, after its share price gained 11.9 per cent in January to close at N572.00 per share, reflecting renewed investor optimism following a return to profitability in the first half of 2025.

Dangote Cement closed the month with a market value of N10.7 trillion, as its share price rose by 4.3 per cent to N635 per share, while Airtel Africa and BUA Cement ended January with market capitalisations of N8.53 trillion and N6.2 trillion respectively.

Guaranty Trust Holding Company Plc and Aradel Holdings Plc stood out as the only two companies with average market capitalisation of about N3 trillion, while firms such as Geregu Power Plc, Transcorp Power Plc, Zenith Bank Plc, First Holdco Plc, Lafarge Africa Plc, International Breweries Plc and Nigerian Breweries Plc occupied the N2 trillion valuation bracket.

Companies with average market capitalisation of around N1 trillion included United Bank for Africa Plc, Access Holdings Plc, Okomu Oil Palm Plc, Presco Plc, Nestlé Nigeria Plc, Ecobank Transnational Incorporated, Stanbic IBTC Holdings Plc and Transcorp Hotels Plc.

Market analysts attributed the sustained upward trajectory of the NGX to reforms introduced under the administration of President Bola Tinubu, particularly the removal of fuel subsidy and the liberalisation of the foreign exchange market, which have reshaped investor expectations.

Foreign portfolio investors and high net worth individuals have continued to build positions in the 23 blue-chip stocks, citing improved valuation, foreign exchange policy clarity and macroeconomic stabilisation.

Speaking on market concentration, the Vice Chairman of Highcap Securities Limited, David Adonri, said more large corporations should list on the Exchange to deepen liquidity, broaden participation and align the capital market with the scale of Nigeria’s economy.

Adonri noted that increased listings by major enterprises such as the Nigerian National Petroleum Company Limited and Dangote Refinery would significantly enhance market depth and reduce excessive concentration.

Chief Research Officer at InvestData Consulting Limited, Omordion Ambrose, said the NGX remains over concentrated, exposing investors to keyman and structural risks that could hinder long term market development.

Ambrose added that more multinational and privatised government enterprises, particularly in telecommunications and oil and gas, should be encouraged to list in order to improve liquidity and diversification.

While investor sentiment suggests the NGX’s recent highs may be sustainable, analysts cautioned that continued reforms, policy stability and improved security remain critical to maintaining momentum.

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The historic performance of the NGX has continued to attract global attention, with investors closely monitoring the resilience and earnings strength of Nigeria’s dominant blue-chip companies.