Four key sectors, Consumer Goods, ICT, Industrial Goods, and Banking, commanded nearly 79 per cent of the Nigerian Exchange (NGX)’s total market value in 2025, driving the market’s historic performance.
Okay News reports that research by Sterling Asset Management & Trustees Limited (SAMTL) reveals the concentration shaped index returns and investor outcomes as the NGX closed with N99.38 trillion capitalisation and a remarkable 51.19 per cent year-to-date return.
Consumer Goods led with N23.58 trillion, representing 23.78 per cent of market value and delivering the highest sectoral return despite comprising only 20 listed firms.
ICT followed closely at N19.47 trillion or 19.63 per cent, edging past Industrial Goods despite just nine companies, signalling the rising influence of technology-linked businesses.
Industrial Goods contributed N18.82 trillion, equivalent to 18.97 per cent, while Banking added N16.09 trillion or 16.22 per cent across 13 firms.
Together, these sectors accounted for 78.6 per cent of total value, underscoring how a handful of heavyweights defined the market’s trajectory.
Beyond the big four, value dropped sharply: Oil and Gas at N7.31 trillion, Utilities N5.16 trillion, with Agriculture and Services combined under N5 trillion.
Insurance, despite 21 firms and a 62.12 per cent return, held just 0.97 per cent, illustrating breadth without scale.
Analysts note the concentration reflects investor preference for liquidity, earnings visibility, and trusted sectors.
Tajudeen Olayinka, CEO of Wyoming Capital, explained active traders favoured banking for easy entry and exit without distortions, while capital-gain seekers targeted recovering consumer goods and industrial stocks.
Aruna Kebira of Globalview Capital viewed the dominance positively, as it stems from confidence rather than weakness, with banking providing liquidity anchors.
The pattern implies 2026 market movements will hinge heavily on these four sectors, elevating rotation risks if any falter.
Underweight areas may present opportunities or highlight persistent challenges.
The NGX’s standout year positions Nigeria among global top performers, but concentration underscores the need for broader participation to sustain long-term resilience.
's total market value in 2025, driving the market's historic performance.){kind=link}