Dangote Cement Hits N11trn Market CAP; Airtel, MTN, UBA, Access Holdings and 7 Others Retain Over N1trn Market CAP Mark as of January 25th 2024
Based on data available from the Nigerian Exchange, the number of quoted companies with over N1trn market capitalisation stood at twelve (12) as of January 25th, 2024. This is consistent with the previous week’s data on this subject matter.
Dangote Cement Plc topped the list, attaining the double-digit trillion milestone at N18.83trn, followed by Airtel Africa and MTN Nigeria at N7.52trn and N6.17trn respectively. Analysts observed a slight adjustment in the ranking of the companies, with Seplat Plc climbing to the 5th position at N1.81trn and Zenith Bank falling to the 6Th position at N1.35trn.
In contrast, other companies maintained their respective positions. Compared to the previous week, only five (5) companies had an increase in market capitalisation, namely Dangote Cement Plc, MTN Nigeria, BUA Cement Plc, BUA Foods Plc and Seplat Plc, while the remaining six (6) companies experienced a decline, and Airtel Africa stayed unchanged at N7.52trn.
The Financial Services sector dominated the list with four companies, followed by two companies, each from the industrial and ICT sectors, while other sectors represented, such as Consumer Goods, Services, Oil & Gas, and Utilities, had one (1) each (see table 1 below).
It is important to note and watch out for the following four (4) companies as they near the N1 trn Market CAP mark. Top among the four companies is Dangote Sugar Refinery Plc with N971.75bn Market CAP, overtaking FBNH, which topped in the previous week. FBNH’s market cap moderated to N908.15bn this week, taking the second position, followed by Nestle at N871.92bn and Stanbic IBTC Holdings Plc with N842.20bn (see table 2 below)
