Airtel Africa and Dangote Cement Plc topped the most capitalised stock on the Nigeria Stock Exchange Limited throughout the first half of 2022.
Others most valued stocks are MTN Nigeria Communications Plc, United Bank For Africa Plc, Zenith Bank Plc, Access Holdings Plc, Seplat Energy Plc, Lafarge Africa Plc., FBN Holdings Plc and Guaranty Trust Holding Company Plc.
In addition, Nestle Nigeria Plc, BUA Foods, BUA Cements, Nigerian Brew. Plc. And Stanbic IBTC Holdings Plc joined the list of most valued stocks on the NGX.
At the closing of trading activities last Friday, African telco giant, Airtel Africa made the top spot as the most valuable company on the Nigerian Exchange, with a market value of N6.51 trillion.
MTN Nigeria came second with a market capitalisation of N4.688trillion, followed by Dangote Cement which closed at N4.686 trillion in market capitalisation as of July 8, 2022.
Airtel Africa has witnessed an increase in its stock price, closing July 8, 2022, at N1,732.20 from N955.00 the stock price opened for trading this year.
MTN has been on the rise since the beginning of the year, starting from about N197 to as high as N230.30 per share last Friday.
According to analysts, the stock price of Airtel Africa and MTN increase can be linked to impressive 2021 full-year results dividend payout that took their market capitalisation past N6 trillion and N4trillion, respectively.
Airtel Africa has appreciated by N2.92 trillion in market value this year, much higher than all the financial services firms listed on the NGX, while MTN with an additional market capitalisation of N677.8billion this year is more significant as the company’s financials represent income generated from Nigeria alone, excluding other African countries.
Airtel’s income includes that of other sub-Saharan African countries even though the income of Nigeria is dominant.
Airtel Africa Plc and 14 other listed stocks on the Nigerian Exchange Limited (NGX) as of July 8, 2022, contributed about 88.8 per cent or N24.7 trillion out of the overall NGX N27.80 trillion market capitalisation.
The 15 out of 161 listed stocks dominated the market on the backdrop of stronger fundamentals that continued to attract local and foreign investors’ surge interest.
