Dangote Cement lost the first position to Airtel Africa as the most capitalized company listed on the stock exchange despite a positive movement in its share price in the first half of 2022.
The cement producing giant grew its market capitalisation from N4.38 trillion recorded as of December 2021 to N4.69 trillion in June 2022, representing an appreciation of N306.7s3 billion.
Telco giant, Airtel Africa moved from third place six months ago to grab the position as the most capitalized company in Nigeria based on data on the NGX with a market valuation of N6.51 trillion having recorded stellar growth in its share price in the first half of the year.
The market value of Airtel rallied by 81.38 per cent in the six-month period, representing a capitalization gain of N2.92 trillion from N3.59 trillion recorded as of December 2021.
MTN Nigeria as of the end of the first half of the year has a market valuation of N4.68 trillion, dropping by one place from second position at the end of last year to the third position.
This is despite the 16.75 per cent increase in its market capitalization from N4.01 trillion. However, its industry competitor outpaced both MTN and Dangote Cement to the golden position on top.
In terms of market value, the two quoted telecommunication companies led the chart, after Airtel Africa saw its market capitalization surge by N2.92 trillion in the first six months of the year, accounting for 51.8 per cent of the total market gain in the review period.
MTN Nigeria followed in the same vein, gaining N671.69 billion in market valuation. Seplat Energy, Dangote Cement, and BUA Foods gained N382.49 billion, N306.73 billion, and N270 billion respectively.
On the flip side, GT Bank recorded the highest loss, with a decline of N161.87 billion in its market valuation, followed by Nestle Nigeria and Zenith Bank with N124.05 billion and N108.32 billion losses respectively.
The ICT sector boasts of a valuation of N11.21 trillion as of June 2022, accounting for 40.1 per cent of the entire equities market. The sector recorded a growth of N3.59 trillion in the first six months of the year from N7.62 trillion recorded as of the end of December 2021.
