• Airtel Africa Plc is currently the largest capitalized company on the NGX, surpassing Dangote Cement Plc and thirteen other well-known companies.
• As of October 25, 2024, Airtel Africa’s market capitalization stood at N8.27 trillion, while Dangote Cement ended at N8.16 trillion
• Airtel Africa’s share price closed 25 October 2024 at N2,200 per share; It was up 16.6% year to date (YTD) from N1,887.00 per share at the end of 2023.

Legit.ng journalist Zainab Iwayemi has more than 3 years of experience in Economy, Technology and Capital Markets.

airtel Africa Plc, which is listed on the London Stock Exchange (LSE) and the Nigerian Stock Exchange Limited (NGX), has become the highest capitalized company on the NGX, surpassing Dangote Cement Plc and thirteen other well-known companies.

The other 13 companies are: MTN Nigeria Communications Plc, Seplat Energy Plc, BUA Foods Plc, Geregu Power Plc, BUA Cement Plc and Transcorp Hotels Plc.

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Others Include; FBN Holdings Plc, Guaranty Trust Holding Company Plc, United Bank for Africa (UBA), Zenith Bank Plc, Aradel Holdings Plc, Transcorp Power Plc and Oando Plc.

Dangote Cement closed at N8.16 trillion. airtel Africa’s market capitalization was N8.27 trillion as of October 25, 2024.

A few weeks ago, Dangote CementDue to the bourse’s demand for the cement producer, its stock price hit a 52-week high of N763 per share, making it the most capitalized company on the bourse at N13 trillion.

However, recent events have seen Dangote Cement’s share price remain stable at N478.8 per share, allowing Airtel Africa to overtake it as the most capitalized company on the NGX as of the close of business last Friday.

Airtel Africa’s share price closed 25 October 2024, up 16.6% year-to-date (YtD), from N1,887.00 per share when it closed 2023 to close 25 October 2024 at N2,200 per share. TODAY analysis trade data. Dangote Cement’s share price has also increased by 49.7% year-to-date, from N319.90 per share when it closed last year to close at N478.80 per share as of October 25, 2024.

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Capital markets analysts attribute the rise in Airtel Africa’s stock price to its fundamentals, even as the company reported a decline in earnings in its half-year results ending September 2024.

Extraordinary derivative and foreign exchange losses (net of tax) of $80 million resulting from the ongoing devaluation of the Nigerian naira during the quarter resulted in Airtel Africa recording a profit after tax of $31 million for the half-year ending September 2024.

“Airtel Africa’s strong operational performance driven by customer growth, expanding network coverage and increased mobile money penetration was significantly impacted by ongoing currency pressures, particularly in Nigeria, leading to declines in both revenue and profit in the quarter,” analysts said. Cordros Securities.

Data consumption per customer increased by 30.9% to 6.6 GB, and the telco’s customer base increased by 6.1% to 156.6 million. Percentage people Smartphone usage rate increased from 5.3% to 42.9%.

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The stock market has shown a positive trend since President Bola Tinubu took office; This can be attributed to the proactive implementation of reforms. removal of fuel subsidies and liberalization of the foreign exchange market.

Due to historically low market prices, overseas investors and high net investors continued to hold these 15 stocks despite the Central Bank of Nigeria (CBN) foreign exchange policy.

Top 5 banks in Nigeria by market capitalization

legit.ng Zenith Bank, GT Bank and 3 others Entered the list of the top 5 banks inside Nigeria by market value.

This is according to data released by the Nigerian Stock Exchange at market close on Monday, November 28, 2022.

Market capitalization, in other words, is the cumulative value of banks. It is calculated by multiplying the total number of shares owned by the share price.

Source: Legit.ng