NGX hits N110.54trn as MTN Nigeria leads trillion-Naira club

Nigeria’s elite league of Stocks Worth Over One Trillion Naira (SWOOTs) has grown to 26 companies, with their combined market capitalization surging to approximately N110.54 trillion, highlighting the increasing concentration of value on the Nigerian Exchange (NGX).

According to market data from NGX as of Monday, February 16, 2026, the expansion reflects sustained price rallies across telecoms, banking, consumer goods, and industrial sectors, further concentrating equity value among a small set of large-cap, blue-chip stocks.

The SWOOT cohort, which comprised 22 companies valued at N78.92 trillion in October 2025, now commands about 85.5% of total market capitalization, up from N122.13 trillion for the entire exchange.

This shows a pronounced dominance of systemically important equities that drive liquidity and benchmark index performance.

The surge in SWOOT members is largely attributed to banking stocks, which have experienced strong rallies amid recapitalization expectations and improved asset quality.

Fidelity Bank Plc crossed the N1 trillion mark with a market capitalization of N1.07 trillion after its share price rose to N21.30, posting a 12.1% gain year-to-date. The stock has been highly liquid, with over 1.59 billion shares traded in the last three months.

Wema Bank Plc joined the trillion-naira league as its share price climbed to N27.45, lifting market value to roughly N1.1 trillion, a 34.6% increase since January 2026.

Ecobank Transnational Incorporated crossed the threshold despite recent price moderation, achieving a market capitalization of about N1.04 trillion.

Dangote Sugar Refinery Plc also reached SWOOT status in early 2026.

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Meanwhile, MTN Nigeria surged to an estimated N16.4 trillion after a remarkable 52.6% year-to-date gain, overtaking long-standing leaders such as BUA Foods Plc and Dangote Cement Plc.

Analysts say the SWOOT expansion underscores the market’s growing reliance on a few liquid, high-capitalization counters:

Banking stocks are attracting investor attention on earnings resilience and capitalization upgrades.

“This shows that institutional investors are gravitating to liquid, large-cap stocks as the primary drivers of turnover, foreign participation, and benchmark index direction,” said a market strategist familiar with NGX data.

The rapid addition of four new SWOOT members within three months signals renewed confidence in Nigeria’s largest corporates, despite ongoing macroeconomic headwinds.

The National Pension Commission (PenCom) recently raised allowable investment limits for pension funds in ordinary shares across key Retirement Savings Account categories.

Analysts suggest this could unlock nearly N1 trillion in additional capital for equities, particularly benefiting large-cap banking and telecom stocks.

Pension assets, already above N26 trillion, are expected to increase allocations to listed equities, providing additional support to SWOOT companies and reinforcing market liquidity.

The concentration of value among SWOOTs highlights structural shifts in Nigeria’s equity market. Market sentiment and performance are now closely tied to the earnings and movements of a handful of heavyweight stocks.

Investors, both domestic and foreign, are increasingly focusing on these blue-chip equities as the core engine of market capitalization and trading activity.

With combined valuation hitting N110.54 trillion, the 26-member SWOOT league now firmly anchors the Nigerian capital market, driving index performance, liquidity, and investor confidence.