Despite a positive movement in its share price in the first half of 2022, Dangote Cement lost the top spot as the most capitalised company listed on the stock exchange to Airtel Africa.
The cement manufacturing behemoth increased its market capitalisation from N4.38 trillion in December 2021 to N4.69 trillion in June 2022, representing a N306.7s3 billion increase.
Airtel Africa has risen from third place six months ago to become the most capitalised company in Nigeria, according to NGX data, with a market valuation of N6.51 trillion, following stellar growth in its share price in the first half of the year.
Airtel’s market value increased by 81.38 percent in six months, representing a capitalization increase of N2.92 trillion from N3.59 trillion in December 2021.
MTN Nigeria has a market valuation of N4.68 trillion as of the end of the first half of the year, dropping one position from second to third at the end of last year.
This is despite a 16.75% increase in market capitalization from N4.01 trillion. However, its industry competitor outpaced both MTN and Dangote Cement to the top spot.
Airtel Africa’s market capitalization increased by N2.92 trillion in the first six months of the year, accounting for 51.8 percent of the total market gain in the review period.
MTN Nigeria followed suit, gaining N671.69 billion in market capitalization. Seplat Energy, Dangote Cement, and BUA Foods all gained N382.49 billion, N306.73 billion, and N270 billion, respectively.
On the other hand, GT Bank suffered the greatest loss, with its market valuation falling by N161.87 billion, followed by Nestle Nigeria and Zenith Bank, which suffered losses of N124.05 billion and N108.32 billion, respectively.
The ICT sector is valued at N11.21 trillion as of June 2022, accounting for 40.1 percent of the total equities market. The sector increased by N3.59 trillion in the first six months of the year, up from N7.62 trillion at the end of December 2021.
