Nigerian cement giants, Dangote Cement overtook MTN Nigeria as the most valuable company in the country with a valuation of N5.99 trillion ($7.9 billion) as of the end of July 2023.
Dangote Cement toppled telco giants, MTN Nigeria and Airtel Africa to the first spot with a market valuation of N5.99 trillion as of the end of July 2023 after gaining 24 per cent compared to N4.86 trillion recorded as of the previous month.
According to data from the Nigerian Exchange (NGX) as at the end of July, MTN Nigeria, Nigeria’s largest telecommunication company boasts of a market valuation of N5.33 trillion to stand in second position after losing its top spot to Dangote Cement last month.
Airtel Africa dropped to third place with a market valuation of N4.96 trillion ($6.55 billion) at the end of July 2023, following a flat movement in the share price of the telco firm.
Another cement manufacturing firm, BUA Cement stands in fourth position with a valuation of N3.35 trillion, having grown its valuation by 7 percent from N3.12 trillion recorded as of the previous month. The company accounted for 9.6 percent of the total market capitalization.
Other GTCo – 1.08 trillion; Zenith Bank –N.06 trillion; Seplat Energies – N996.6 billion; Nestle Nigeria—N931.4 billion and Stanbic IBTC with a market capitalization of N900.5 billion.
The cumulative value of these top-ranking companies is an impressive N27.06 trillion ($37.7 billion), constituting a significant 77 percent of the entire stock market and a whopping 14 percent of Nigeria’s nominal GDP (N199.3 trillion).
In July 2023, the Nigerian equities market experienced a bullish trend, achieving a notable 5.5 percent growth. The month concluded with an All-Share index of 64,337.52 points and a market capitalization of N35.01 trillion.