The number of quoted companies with over N1trn market capitalisation on the NGX stood at ten (10) as of February 28th, 2024, as against twelve (12) reported as of January 25th 2024 when our previous snapshot was published, a 17% drop. Seven of the entities in the list have capitalisations of US$1bn and above (see table 1 below).
Dangote Cement Plc topped the list, attaining the double-digit trillion milestone at N11.70trn, followed by Airtel Africa and BUA Foods at N8.27trn and N6.84trn respectively. Analysts observed a slight adjustment in the ranking of the companies, with BUA Cement Plc climbing to the 4th position at N5.08trn and MTN Nigeria Comm. Plc falling to the 5Th position at N4.68trn.
Other companies on the list are; Geregu Power Plc (N2.44trn); Seplat Energy Plc (N1.98trn); GTCO Plc (N1.06trn); Zenith Bank Plc (N1.01trn) and Transcorp Hotels Plc in the tenth position (N1.00trn).
The Financial Services, ICT and Industrial Goods sectors dominated the list with two companies each while Consumer Goods, Services, Oil & Gas, and Utilities sectors had one (1) each (see table 1 below).
The following six (6) companies are on the watchlist, even as analysts note that the knock-on effect of Tueday’s MPC decision will begin to impact investor sentiments in the coming days and weeks. (see table 2 below).
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The Analyst team is looking into the intrinsic values of the companies in the two categories above, to make sense of these valuations.
