Dangote Surpasses MTN As The Most valuable Company In Nigeria
At the end of July 2023, Dangote Cement, a massive cement manufacturer in Nigeria, surpassed MTN Nigeria to become the nation’s most valuable company, valued at N5.99 trillion ($7.9 billion).
Dangote Cement, which gained 24% from the N4.86 trillion reported as of the previous month, overtook telecom behemoths MTN Nigeria and Airtel Africa to take the top rank with a market valuation of N5.99 trillion as of the end of July 2023.
Data from the Nigerian Exchange (NGX) as of the end of July shows that MTN Nigeria, the country’s largest telecom operator, is valued at N5.33 trillion on the market, placing it in second place after Dangote Cement took the top spot earlier this month.
After a flat movement in the telco firm’s share price, Airtel Africa fell to third place at the end of July 2023, with a market valuation of N4.96 trillion ($6.55 billion).
Positioned fourth, BUA Cement is a cement production company that has increased its valuation from N3.12 trillion as of the previous month to N3.35 trillion, a 7% increase. The market capitalization of the company was 9.6% of the total.
The market capitalization of Other GTCo is N0.88 trillion; Zenith Bank is N.06 trillion; Seplat Energies is N996.6 billion; Nestle Nigeria is N931.4 billion; and Stanbic IBTC is N900.5 billion.
These top-ranked firms have a cumulative worth of an astounding N27.06 trillion ($37.7 billion), which makes up a substantial 77% of the entire stock market and a staggering 14% of Nigeria’s nominal GDP (N199.3 trillion).
The Nigerian stock market saw a bullish trend in July 2023 and recorded a noteworthy 5.5% rise. With a market capitalization of N35.01 trillion and an All-Share index of 64,337.52 points at the end of the month.
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