In a historic shift that marks a new era for the Nigerian stock market, MTN Nigeria (MTNN) has officially overtaken BUA Foods (BUAFOODS) to become the most valuable company listed on the Nigerian Exchange (NGX).
This landmark event, driven by MTN's impressive 8.56% surge on Friday, February 13, 2026, signals a potential turnaround for the telecommunications sector and marks the first time since 2023 that a non-foods company holds the coveted top position.
The Numbers: A New Leader Emerges
As of today's market close, here is how the top stocks stack up by market capitalization:
| Rank | Stock | Market Cap | Price | Today's Change |
|---|---|---|---|---|
| 1 | MTNN | ₦14.88 Trillion | ₦708.90 | +8.56% |
| 2 | BUAFOODS | ₦14.38 Trillion | ₦798.90 | 0.00% |
| 3 | DANGCEM | ₦12.26 Trillion | ₦726.30 | 0.00% |
| 4 | AIRTELAFRI | ₦8.53 Trillion | ₦2,270 | 0.00% |
| 5 | BUACEMENT | ₦6.50 Trillion | ₦192.00 | 0.00% |
What Drove MTNN's Rise?
Several factors have contributed to MTN Nigeria's remarkable surge:
- Q4 2025 Earnings Expectations: Analysts anticipate strong quarterly results driven by increased data consumption and mobile money services.
- Telecom Sector Recovery: After a challenging 2024, telecom stocks have shown renewed investor interest.
- Rising Data Demand: Nigeria's growing digital economy continues to fuel telecom growth.
- Market Sentiment: The broader NGX rally (ASI up +2.32% today) has lifted high-cap stocks.
What This Means for Nigerian Investors
This shift represents a significant moment for the Nigerian stock market:
- Diversification of Leadership: The fact that a telecom stock now leads shows the market is no longer dominated by just foods and cement stocks.
- Sector Rotation: Investors may start looking more closely at telecommunications and ICT stocks.
- Index Impact: MTNN's weight in the ASI means its movements will have a bigger impact on the broader index.
Looking Ahead
While BUABUFOODS remains a close second, the gap is significant enough that MTNN's position appears secure—at least for now. Dangote Cement (DANGCEM) in third place at ₦12.26 trillion remains a distant third.
For investors watching the NGX, this development underscores the importance of sector diversification and staying attuned to macroeconomic trends driving different industries.
"This is a pivotal moment for the Nigerian market. It shows our exchange is maturing beyond traditional sectors."
— NGX Market Analyst
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