The market capitalisation of six Nigerian firms that recently joined the FTSE Frontier 50 Index has increased to N60.97 trillion. The companies, which include Dangote Cement Plc, Aradel Holding Plc, FirstHoldCo Plc, Guaranty Trust Holding Company (GTCO) Plc, MTN Nigeria Communications Plc, and Zenith Bank Plc, saw their market value rise amid high demand from global investors. As of September 18, 2026, their market capitalisation stood at N60.44 trillion, representing a 0.88 per cent Week-on-Week (WoW) increase.
The six companies were included in the 50-stock benchmark effective September 18, 2026. In the first trading week, MTN Nigeria Communications recorded the highest decline of about 3.03 per cent to close at N863 per share, bringing its market capitalisation to N18.12 trillion as of September 25, 2026. First Holdco also dipped by 2.13 per cent to N156.6 per share, reducing its market capitalisation to N7.12 trillion from N7.28 trillion.
Aradel Holdings depreciated to N6.65 trillion from N6.73 trillion following a 1.29 per cent drop in stock price to N1,530.00 per share. However, GTCO gained 5.38 per cent, bringing its market capitalisation to N5.54 trillion from N4.75 trillion. Zenith Bank also advanced to N5.54 trillion as of September 25, 2026, from N5.27 trillion amid a 5.06 per cent increase in stock market from N128.40 per share to N134.90 per share.
Dangote Cement's market capitalisation increased by 1.59 per cent to N1,066.70 per share, driving its market capitalisation to N17.99 trillion against N17.72 trillion when the stock market opened for trading. The inclusion of the six listed companies in FTSE Russell's Frontier 50 Index followed Nigeria's broad country reclassification from "Unclassified" back to "Frontier Market" status.
The reclassification was supported by foreign exchange market reforms and foreign exchange backlog clearance implemented by the Central Bank of Nigeria (CBN). The FTSE Frontier 50 Index tracks the performance of the 50 most liquid stocks from an eligible universe of 26 Frontier markets. A recent study found that stock prices in frontier markets tend to rise persistently after index inclusion due to institutional investor demand.
The study, published in the International Review of Economics and Finance, concluded that index inclusion leads to persistent price increases due to institutional investor demand rather than temporary trading pressure or liquidity changes. Out of 13 total global inclusions into the FTSE Frontier 50 Index, Nigeria captured a significant portion with six companies.
The addition of Nigerian companies to the index is a positive development for the country's stock market. Four Nigerian companies - Nestlé Nigeria Plc, Nigerian Breweries Plc, Presco Plc, and Stanbic IBTC Holdings Plc - were left out of the Frontier 50 index despite being large enough for the wider list. The six included companies have seen significant changes in their market capitalisation since their inclusion.
Key points
- The market capitalisation of six Nigerian firms in the FTSE Frontier 50 Index rose to N60.97 trillion.
- The companies included Dangote Cement, Aradel Holding, FirstHoldCo, GTCO, MTN Nigeria, and Zenith Bank.
- The inclusion followed Nigeria's reclassification as a Frontier Market by FTSE Russell.
