When the NGX All-Share Index goes up, most people assume the whole market is going up. The Nigerian Exchange's own data says that isn't really true.
We went through the NGX Market Capitalisation Report for 27 October 2026 and the Daily Summary price list for 30 October 2026, both free to download from the NGX Data Library. They show a market where a few very large companies set the direction and about 135 others mostly follow.
Here is what the numbers show.
The headline number: ₦225.4 trillion, but not all of it is stocks
On 27 October 2026, the total market capitalisation of everything listed on the NGX was ₦225.38 trillion. Many investors don't realise that about a quarter of that figure is not shares.
Asset class Value (₦) Share of total
Equities ₦164.91 trillion 73.17%
Federal Government debt ₦57.22 trillion 25.39%
Corporate bonds/debentures ₦1.31 trillion 0.58%
State & local government bonds ₦571 billion 0.25%
Non-Interest (Sukuk & Islamic) board ₦1.25 trillion 0.56%
Commercial papers ₦65 billion 0.03%
Exchange Traded Funds (ETFs) ₦44 billion 0.02%
Takeaway: If you see a headline quoting "NGX market cap" without saying which one, check whether it means equities (about ₦165trn) or the whole exchange (about ₦225trn). The gap is roughly ₦60 trillion.
The top 10: 73% of the equity market
Using closing prices from the 30 October 2026 Daily Summary, these are the 10 most valuable listed companies:
Rank Company Market cap (₦ trillion) % of equity market Cumulative
1 Dangote Cement 23.96 14.5% 14.5%
2 Airtel Africa 23.68 14.3% 28.9%
3 MTN Nigeria 17.85 10.8% 39.7%
4 BUA Foods 13.69 8.3% 47.9%
5 BUA Cement 9.94 6.0% 54.0%
6 Seplat Energy 9.60 5.8% 59.8%
7 Aradel Holdings 6.26 3.8% 63.6%
8 HBM Nigeria 5.64 3.4% 67.0%
9 First HoldCo 5.42 3.3% 70.3%
10 Zenith Bank 4.89 3.0% 73.2%
• The whole Growth Board: ₦330.7 billion (0.15%), which is less than 1/70th the size of Dangote Cement.
The Premium Board: 8 stocks, 31% of the whole exchange
The NGX Premium Board is meant to be the exchange's top tier. On 30 October 2026 it had eight companies: UBA, Zenith Bank, Access Holdings, First HoldCo, MTN Nigeria, Dangote Cement, HBM Nigeria and Seplat Energy.
Together they were worth ₦70.53 trillion, which is:
• 31.3% of everything listed on the NGX, including bonds, and
• about 42.8% of all equities.
On 30 October these eight stocks also accounted for 613 million of the roughly 998 million shares traded (61%). Most of that came from a single First HoldCo transaction (see our NGX Daily Summary explainer).
What this means for you as an investor
1. "The market" is mostly a few companies
If Dangote Cement, MTN and Airtel Africa all rise 5% in one day, the All-Share Index can rise noticeably even if most other stocks fall. Before deciding whether the market is doing well, check the gainers vs. losers count and not only the index.
2. Your "diversified" fund may not be very diversified
Many market-cap-weighted funds and ETFs that track a broad index end up with most of their money in the same handful of names. Read the fund's top holdings before you buy.
3. Mid- and small-caps get less attention, so there may be opportunities there
About 136 companies share 27% of the market, so many of them get little analyst coverage. That means more risk, but also more room for investors who do their own research.
4. Sector bets are concentration bets
Buying "a telecom stock" or "a cement stock" on the NGX means buying one of two or three names. There aren't many alternatives within those sectors.
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