Four sectors—Consumer Goods, ICT, Industrial Goods, and Banking—accounted for 78.6 per cent of the Nigerian Exchange’s N99.38 trillion equity market value in 2025.
Sterling Asset Management & Trustees Limited research highlighted the concentration driving the market’s historic performance.
Consumer Goods led with N23.58 trillion, representing 23.78 per cent of total capitalisation and delivering the highest sectoral return.
ICT followed with N19.47 trillion or 19.63 per cent, despite only nine listed companies, signalling growing digital influence.
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.
The NGX closed 2025 with a 51.19 per cent year-to-date return, its strongest ever.
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Beyond the dominant quartet, value dropped sharply, with Oil and Gas at N7.31 trillion and Utilities at N5.16 trillion.
Insurance, despite 21 listed firms and 62.12 per cent return, represented just 0.97 per cent of market value.
Wyoming Capital CEO Tajudeen Olayinka attributed banking’s trading dominance to liquidity and institutional interest.
He noted consumer goods and industrial stocks attracted capital-gain seekers recovering from prior downturns.
Globalview Capital Limited’s Aruna Kebira viewed concentration as healthy, reflecting investor confidence in liquid, transparent sectors.
The pattern implies 2026 rallies or corrections will hinge on big four performance.
Underweight sectors may offer opportunities if reforms improve earnings, though structural issues persist.
This sectoral dominance shaped Nigeria’s standout 2025 market rally amid broader economic reforms.
