Airtel Africa Tops Valuation Rank in Nigerian Market
Telecommunication giant, Airtel Africa Plc, has reclaimed the most valuable company listed on the Nigerian Exchange (NGX), according to data from the local bourse.
The company now valued at N8.267 trillion topped Dangote Cement Plc after the former share price declined consecutively. In the equities market, Airtel is trading at 52 week high of N2,200 after share buyback program stemmed its price volatility.
Dangote Cement Plc is priced at N8.158 trillion following its latest price decline in the equities market due to sell pressures. The cement company topped the rank with N11 trillion market valuation before the trend reversed.
Market review showed that Dangote Cement Plc is now trading at more than 37% discount to its 52 week high. The cement company share price had reached N763 before it dipped to N478.80 in the equities at the close of trading session last week.
Both companies executed share repurchase programmed that reduced volatility on their respective shares in the equities market. Briefly, MTN Nigeria had topped the ranked but it eventually gave up the position.
From behind, BUA Foods is making a serious uptrend that could dislodge both Dangote Cement and Airtel Africa due to relatively thin trading volume. Even, the same can be said for BUA Foods β most of the bellwethers on NGX have similar share structures. #Airtel Africa Tops Valuation Rank in Nigerian Market
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