Nigeria’s capital market witnessed a significant leadership shift as BUA Foods Plc surged to the top of the Nigerian Exchange (NGX), overtaking Dangote Cement Plc and MTN Nigeria Communications Plc to become the most capitalized company, valued at N12.5 trillion.
This milestone places BUA Foods at the forefront of the Stocks Worth Over One Trillion (SWOOT) group, a prestigious index of heavyweight equities that collectively account for over N78.92 trillion in market value.
Some other SWOOT members include: GTCO Plc, Zenith Bank, Access Holdings Plc, UBA, Fidelity Bank, Seplat Energy, Geregu, Transcorp Power, Presco Plc, etc.
It is important to note that BUA Foods has one of the least shares per float on the NGX, with as high as 90% held by its core investors. Shares with small floats often attract low liquidity, which often impacts valuation.
BUA Foods’ meteoric rise
Listed on the NGX since January 5, 2022, the stock now represents 12.7% of the total market capitalization of the Nigerian Exchange. The consumer goods leader began the year at N415 per share and climbed steadily to N692.50 by October 31, 2025, a 66.9% year-to-date (YTD) gain that places it among the top 100 gainers on the Exchange.
Within the last four weeks, the stock appreciated an additional 10%, maintaining strong investor confidence despite moderate trading volumes.
Over the past three months, BUA Foods has traded 7.33 million shares in 27,459 deals, valued at N4.24 billion, averaging 116,000 shares per session. Its 18 billion outstanding shares reinforce its dominant market capitalization.
Although recent sessions show price stagnation around N692.50, analysts attribute this to profit-taking and investor rotation within the consumer goods segment.
The company operates across five divisions — Sugar, Flour, Pasta, Rice, and Edible Oils — and remains a key subsidiary of BUA Group, one of Nigeria’s largest conglomerates.
Dangote Cement holds strong at N11.1 trillion market cap
Dangote Cement Plc, formerly the NGX’s most valuable stock, now ranks second with a N11.1 trillion capitalization and a N660 per share price as of October 31. The stock has gained 37.8% YTD, buoyed by sustained domestic demand and a strong export base.
Trading activity remains robust, with 112 million shares exchanged in 49,921 deals, valued at N61.6 billion between August and October. The stock has oscillated between N600 and N660 in recent weeks, maintaining stability amid market rotation toward consumer equities.
Dangote Cement’s performance places it 91st on the NGX YTD chart, though it remains the largest company by output in Nigeria’s industrial sector, supported by a 16.9 billion share base.
MTN Nigeria climbs on telecoms rebound
MTN Nigeria Communications Plc follows closely as the third most valuable equity, with a N10.9 trillion market cap and a N520.10 share price as of October 31. The telecom giant’s 160% YTD gain marks one of the most dramatic recoveries of 2025, following earlier losses tied to foreign exchange exposure in its 2024 results.
The rebound was driven by improved H1 earnings, foreign exchange stabilization, and a government-approved 50% tariff hike. Between August and October, MTN traded 149 million shares in 91,923 deals, worth N66.4 billion, with an average daily volume of 2.36 million shares.
Analysts say MTN’s resurgence reflects investor repositioning toward growth-oriented sectors, with Airtel Africa serving as its main market rival, valued at N8.68 trillion and trading at N2,310.50 per share.
Consumer stocks dominate market performance
The rise of BUA Foods also mirrors a broader trend in the NGX Consumer Goods sector, which has delivered some of the year’s most spectacular returns.
Champion Breweries (+294%), NASCON (+251%), and Honeywell Flour (+217%) are among the top gainers, alongside Presco (+212%), Cadbury (+191%), FTN Cocoa (+175%), and Guinness Nigeria (+146%).
Analysts attribute this rally to strong domestic consumption, improved profit margins, and foreign portfolio inflows targeting consumer goods and financial services equities. The sector’s resilience has made it a haven for investors seeking protection from naira volatility and policy uncertainty.
Outlook: BUA Foods poised to consolidate with earnings growth
While Dangote Cement and MTN Nigeria remain formidable challengers, BUA’s sustained earnings momentum and consumer demand tailwinds could keep it atop the NGX valuation table through year-end.
Key highlights of BUA Foods financial result: 9M 2025 vs. 9M 2024
- Revenue: N1.42 trillion (+32.7% YoY)
- Cost of Sales: N900.09 billion (+22.2% YoY)
- Gross Profit: N520.65 billion (+56.0% YoY)
- Operating Profit: N437.58 billion (+38.9% YoY)
- Earnings Per Share (EPS): N22.52 (+101.3% YoY)
- Total Assets: N1.24 trillion (+13.4% YoY)
- Total Liabilities: N642.20 billion (+1.5% YoY)
- Shareholders’ Funds: N600.33 billion (+40.0% YoY)
