The Nigerian Exchange (NGX) saw robust growth in 2025, with total market capitalisation rising from N62.7 trillion at the end of 2024 to N99.38 trillion by 31 December 2025.
As of 20 January 2026, the market has reached approximately N106 trillion, continuing its upward trajectory and representing a substantial share of Nigeria’s nominal GDP of N113.59 trillion.
Most of the companies in the current top 10 were already part of the list at the end of 2024, all drawn from a subset of large-cap stocks above N1 trillion, known as the SWOOTs.
By 31 December 2025, the smallest company in the top 10 had a market capitalisation of around N2.5 trillion, while overall, roughly 24 companies on the NGX were valued above N1 trillion.
Combined, the top 10 NGX companies were worth about N65 trillion, representing 65.5% of the total market.
While gains were recorded across mid- and large-cap stocks, the biggest companies still carry the most weight, with even small price movements noticeably affecting the All-Share Index.
Here are the top 10 companies by market capitalization in 2025:
Guaranty Trust Holding Company (GTCO) occupied the 7th position on the NGX, with a market capitalisation of N3.30 trillion, representing 3.3% of the All-Share Index. Its 36.4 billion shares were priced at N90.70 each as of 31 December 2025.
Compared to N1.68 trillion in 2024, the bank’s market value has grown 96.9%, reflecting strong investor confidence and share price appreciation.
The bank has been a strong performer, building on gains recorded in 2024 and 2025. After surging past the N100 mark in 2025 and experiencing a brief pullback, the stock has regained momentum and is trading around N97.40 as of mid-January 2026.
Over 2025, the company recorded a 59.1% gain, reflecting both market confidence and solid operational results.
GTCO’s financials reflect this growth:
- Pre-tax profit for Q3 2025 reached N299.9 billion, up 39% year-on-year.
- Nine-month pre-tax profit totalled N900.8 billion, slightly down 26% from the previous year due to a high 2024 base.
Corporate strategy also played a role in the stock’s performance.
- In 2025, GTCO raised capital through the listing of 2.29 billion new ordinary shares on the London Stock Exchange, bringing in approximately $105 million.
- A dual offer on the NGX added over 2.28 billion ordinary shares of 50 kobo each, boosting liquidity and supporting share price appreciation.
Year to date, GTCO is up 7.39%, and is likely eyeing a move back above the N100 level in 2026.
