Stocks worth over one trillion (SWOOT) listed on the NGX recorded N27.448 trillion capital gains in the first quarter of 2026.
This represents a 33.8% growth from the N85.86 trillion recorded at the start of the quarter under review.
The broad market, the total market of listed stocks on the NGX, gained N29.82 trillion in Q1 2026; from N99.38 trillion at the start of the quarter to close the quarter N129.20 trillion.
What the data are saying
As of Q1 2026, the SWOOT group has 24 companies, led, in terms of market capitalization by MTN Nigeria, BUA Foods, Dangote Cement, BUA Cement, etc.
The group has two entrants: Ecobank Transnational and Wema Bank. The two banks added cumulatively N547.449 billion to the group’s market capitalization.
Fidelity Bank and Dangote Sugar joined the club in February but could not sustain the momentum and dropped before the end of the period under review.
Biggest gainer and loser
The biggest gainer during the period was MTN Nigeria, which added N5.23 trillion to its market cap, reflecting a 48.73% growth.
On the other hand, Nigeria Breweries recorded the largest loss, with a 3.05% decline in its market cap, falling from N2.33 trillion to N2.26 trillion.
Sectoral performance of SWOOT Group
The SWOOT group spans across 8 key sectors, with a number of companies within each sector:
Industrial Goods/Building Material
The Sector was the highest contributor, adding N9.786 trillion:
- BUA Cement: Added N5.02 trillion, taking market cap to N11.06 trillion, reflecting an 83% growth.
- Dangote Cement: Added N3.392, taking its market cap to N13.668 trillion; an 33% growth
- Lafarge (WAPCO): Added N1.376 trillion; taking its market cap to N3.542 trillion; 63.49% increase
ICT/Telecom:
The ICT/Telecom sector was the second highest contributor, adding N6.1 trillion in market cap.
- MTN Nigeria: Added N5.227 trillion, taking market cap to N15.956 trillion, reflecting a 48.73% growth.
- Airtel Nigeria: Added N853 billion, taking market cap to N9.384 trillion, marking a 10% growth.
Oil and Gas Sector
The Oil and Gas sector contributed N4.5 trillion.
- Aradel: Added N2.56 trillion, taking market cap to N5.475 trillion, marking 83% gain
- Seplat: Added N1.937 trillion, taking market cap to N5.355 trillion; 63.49%
Banking
The Banking sector contributed N4.21 trillion to the SWOOT’s growth, with 8 banks making the list.
- Zenith Bank: Added N1.396 trillion; market capitalization – N3.94 trillion; 55.02% growth.
- GTCO: Added N749 billion; market capitalization of N3.84 trillion; 24.20% growth.
- Stanbic IBTC: Added N821 billion; market capitalization – N2.12 trillion; 63.35% growth.
- FirstHoldco: Added N87.94 billion, taking market cap to N2.1 trillion and Q1 YtD gain of 4.38%
- UBA: Added N341 billion, taking total market capitalization to N2.05 trillion, and Q1 YtD gain of 19.97%
- Access Holdings: Added N258.592 billion, taking total market capitalization to N1.37 trillion, reflecting Q1 YtD gain of 23.10%.
- ETI (Ecobank Transnational): Added N322.78 billion taking total market capitalization to N1.09 trillion, giving Q1 YtD gain of 41.98% growth.
- Wema Bank: Added N224.669 billion, taking total market capitalization to N1.04 trillion, reflecting a 27.45% growth.
Agric/Crop Production
The sector with Presco and Okomu Oil contributed about N1.5 trillion
- Okomu led with additional N860.660 billion, taking its total market cap to N2.31 trillion; reflecting 59% growth in Q1
- Presco gained about N639 billion in Q1, taking the market cap to N1.68 trillion
FMCG Sector
The sector contributed a net N1.05 trillion.
- Nestle led, adding N1.14 trillion (+73.39%), taking its market cap to N2.69 trillion, reflecting
- International Breweries had a flat market capitalization of N2.356 trillion.
- BUA Foods’ market cap declined by N16.200 billion (-0.11%) to N14.364 trillion
Nigerian Breweries lost N71.36 billion (-3.05%) dropping market cap to N2.262 trillion
Services/Hotel/Lodging
Transcorp Hotel is the only company that made it, adding N328.785 billion (+18.78%), taking the market cap to N2.1 trillion.
Utilities/Power generation
- Geregu remained flat at a market cap of N2.85 trillion
- Transcorp Power declined by N750 million (-0.03%) to N2.301 trillion.
What you need to know
SWOOT; Stocks Worth Over One Trillion, represents the top-tier companies listed on the Nigerian Exchange (NGX.
These are companies with market capitalizations exceeding N1 trillion, which are dominant players within the market.
- This group contributed about 92% of the total market gain and 88.91% of the total market capitalization of Q1 2026. This is much higher than in 2025 and 2024.
- With SWOOT controlling such a large share of the market, their growth trajectory is crucial for the overall performance of the NGX.
However, the 24 SWOOT companies have an average Q1 YtD gain of 33%, much lower than the 10 low-cap companies’ average YtD gain of +300%
This suggests balancing portfolios to capture both stable growth from SWOOT stocks and the high upside potential of low-cap stocks, but they should be prepared for the higher volatility associated with smaller companies.
For investors seeking stability and consistent returns, SWOOT stocks appear as a safe bet. They are well-established companies with strong earnings, dividends, and proven track records.
