BUA Foods overtakes Dangote Cement, MTN Nigeria as NGX’s most valuable stock at N12.5 trillion

Nigeria’s capital market witnessed a historic reshuffle as BUA Foods Plc surged to the top of the Nigerian Exchange (NGX), overtaking Dangote Cement Plc and MTN Nigeria Communications Plc to become the country’s most capitalized company, valued at N12.5 trillion.

Naija247news gathered that this milestone firmly places BUA Foods at the forefront of the prestigious Stocks Worth Over One Trillion (SWOOT) index, a collection of heavyweight equities that together account for over N78.92 trillion in market capitalization. Other notable members of the SWOOT include GTCO Plc, Zenith Bank, Access Holdings Plc, UBA, Fidelity Bank, Seplat Energy, Geregu, Transcorp Power, and Presco Plc.

According to Naija247news, one of the remarkable aspects of BUA Foods’ market position is its relatively small shares per float on the NGX, with as much as 90 percent held by core investors. Shares with low floats often experience limited liquidity, a factor that can amplify valuation surges when demand intensifies.

Naija247news reports that BUA Foods has experienced a meteoric rise since its listing on January 5, 2022. The stock now represents 12.7 percent of the total market capitalization of the Nigerian Exchange. The consumer goods company began 2025 at N415 per share and steadily climbed to N692.50 by October 31, marking a 66.9 percent year-to-date (YTD) gain and placing it among the top 100 gainers on the Exchange.

Naija247news gathered that within the last four weeks, BUA Foods’ stock appreciated by an additional 10 percent, reflecting strong investor confidence despite moderate trading volumes. Over the past three months, the stock traded 7.33 million shares in 27,459 deals, valued at N4.24 billion, averaging 116,000 shares per session. The company’s 18 billion outstanding shares reinforce its dominant market capitalization.

According to Naija247news, analysts note that the recent price stagnation around N692.50 is largely due to profit-taking and investor rotation within the consumer goods sector. BUA Foods operates across five divisions—Sugar, Flour, Pasta, Rice, and Edible Oils—and remains a core subsidiary of BUA Group, one of Nigeria’s largest conglomerates.

Dangote Cement Plc, formerly the NGX’s most valuable stock, now ranks second with a market capitalization of N11.1 trillion and a share price of N660 as of October 31. Naija247news reports that the company’s stock has gained 37.8 percent YTD, driven by sustained domestic demand and a strong export base. Between August and October, Dangote Cement recorded 112 million shares traded in 49,921 deals, valued at N61.6 billion. The stock has oscillated between N600 and N660 in recent weeks, reflecting stability amid rotation toward consumer equities.

Naija247news gathered that MTN Nigeria Communications Plc follows closely as the third most valuable equity, with a N10.9 trillion market cap and a N520.10 share price as of October 31. The telecom giant’s remarkable 160 percent YTD gain represents one of the most dramatic recoveries of 2025, following earlier losses tied to foreign exchange exposures in 2024. Improved H1 earnings, foreign exchange stabilization, and a government-approved 50 percent tariff hike fueled MTN’s resurgence. Between August and October, MTN traded 149 million shares in 91,923 deals, worth N66.4 billion, averaging 2.36 million shares per session.

According to Naija247news, the rise of BUA Foods reflects a broader trend in the NGX Consumer Goods sector, which has produced some of the most spectacular returns this year. Champion Breweries (+294%), NASCON (+251%), Honeywell Flour (+217%), Presco (+212%), Cadbury (+191%), FTN Cocoa (+175%), and Guinness Nigeria (+146%) are among the top gainers. Analysts attribute this rally to strong domestic consumption, improved profit margins, and foreign portfolio inflows targeting consumer goods and financial services equities.

Naija247news reports that BUA Foods’ financial performance for the nine months ending September 2025 underscores the company’s dominant position. Revenue rose 32.7 percent to N1.42 trillion, gross profit increased 56 percent to N520.65 billion, and operating profit jumped 38.9 percent to N437.58 billion. Earnings per share soared by 101.3 percent to N22.52, while total assets reached N1.24 trillion and shareholders’ funds expanded 40 percent to N600.33 billion. Total liabilities remained largely stable at N642.20 billion.

Naija247news gathered that market analysts predict BUA Foods could consolidate its leadership position through the end of the year, given sustained earnings momentum, robust consumer demand, and investor confidence in the consumer goods sector. While Dangote Cement and MTN Nigeria remain formidable competitors, BUA Foods’ steady growth and strategic market positioning give it an edge in valuation dominance.

In conclusion, Naija247news understands that BUA Foods’ ascent marks a historic moment in Nigeria’s capital market. Its success reflects not only strong company fundamentals but also the broader resilience and attractiveness of consumer-driven equities on the NGX. The trend highlights investor appetite for growth-oriented stocks amid evolving economic dynamics, positioning BUA Foods as a bellwether for market performance into 2026.

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Reporting by Agnes Ekebuike Editor, Naija247news in Lagos, Nigeria.