Nigeria’s elite cohort of Stocks Worth Over One Trillion Naira (SWOOTs) expanded sharply in early 2026, driving combined market capitalisation on the Nigerian Exchange (NGX) to approximately ₦110.54 trillion.
The development underscores intensifying concentration of value in a handful of heavyweight equities and confirms a leadership shift at the top of the market.
SWOOT Club GrowthThe SWOOT league now comprises 26 companies that each sustain a market valuation exceeding ₦1 trillion, up from 22 firms in October 2025 when combined value stood at about ₦78.92 trillion.
The expansion reflects broad-based rallies across key sectors including telecommunications, banking, consumer goods and industrials, and highlights the dominant role of large-cap names in shaping market direction.
With total NGX market capitalisation at ₦122.13 trillion, the SWOOT cohort now accounts for about 85.5% of overall equities value — leaving the remaining roughly 100 listed stocks with about 10.5% of total market value.
MTN Nigeria Reclaims Top SpotA significant feature of the latest market data is the resurgence of MTN Nigeria Communications Plc (MTNN) as the most capitalised stock on the NGX.
After sustained share price appreciation in 2026, MTNN’s market capitalisation climbed to approximately ₦16.4 trillion, eclipsing former leaders such as BUA Foods Plc and Dangote Cement Plc.
Recent third-party market analytics confirm MTNN’s recovery trajectory, noting a share price rally that elevated its valuation and reinstated its position at the top of the NGX equity market after a period of underperformance.
Interim dividend declarations and improved profitability projections have bolstered investor confidence.
New Entrants to SWOOT StatusFour companies achieved trillion-naira valuations in 2026, joining Nigeria’s SWOOT roster:
Fidelity Bank Plc – market cap ~₦1.07 trillion
Wema Bank Plc – market cap ~₦1.1 trillion
Ecobank Transnational Incorporated – ~₦1.04 trillion
Dangote Sugar Refinery Plc crossed the ₦1 trillion mark this year. Banking stocks have overall shown a strong performance, attributed to improved earnings resilience, recapitalisation expectations, and better asset quality in both tier-one and tier-two lenders.
Market Structure and Investor BehaviourThe data reveal that large-cap, liquid equities are now primary drivers of trading activity, benchmark index movements and foreign participation on the NGX.
Telecoms, banking and consumer goods stocks dominate institutional allocations, with passive funds tracking broader indices increasingly exposed to these SWOOT names.
Regulatory and Institutional DevelopmentsRecent reforms by the National Pension Commission (PenCom) raised the allowable pension fund investment limits in ordinary shares across key Retirement Savings Account categories.
This adjustment could unlock nearly ₦1 trillion in additional pension-driven capital into the equities market, strengthening demand for large-cap stocks. Pension assets currently exceed ₦26 trillion, indicating substantial potential inflows into listed equities should funds increase their allocations.
ImplicationsThe expanded SWOOT cohort, led by MTNN’s resurgence, signifies structural shifts in Nigeria’s capital market toward concentrated value in a select number of equities.
Large-cap stocks are driving turnover, shaping market sentiment, and anchoring foreign and institutional investment flows, all while broader macroeconomic headwinds persist.
Source: Nairametrics
