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