Top Six Listed Companies Market Valuation Nears N18trn
At about N18 trillion combined market valuation, Nigerian Exchange has now registered a sixth listed company with ten digits in market valuation following the recent induction of BUA Foods into the space.
The equity market ended with a market capitalisation of N24.76 trillion, these six companies have a combined value of N17.764 trillion. Invariably, DANGCEM, Airtel Africa, MTN Nigeria, BUA Cement, BUA Foods and Nestle Nigeria stocks account for 72% of the Nigerian bourse equity capitalisation as of Friday.
After listing 18 billion shares by way of introduction, BUA Foods share price has appreciated to N64.4 as of Friday, from N40. BUA Foods has a higher chance of staying in the category due to increased demand for the stock.
At the introduction, about 100% of the stock was owned by ‘pop and son’ with moderate shareholding by another Rabiu’ clan. At the just concluded week, the stock market shadowed BUA though, while Dangote, Airtel Africa and BUA Cement share prices appreciated.
MTN Nigeria was steadied as the market awaits shares allotment from the last retail offer delay by the regulator- the telecom giant hinted that it awaits the outcome of the offer review by the Securities and Exchange Commission.
Dangote Cement Plc remains the largest listed company on the Nigerian Exchange as of Friday. DANGCEM share price has appreciated more than 5% after it announced the second tranche of its share buyback.
Due to skyrocketing demand for the company stock as investors’ position for higher returns, DANGCEM market valuation jumped to N4.843 trillion on Friday. The stock market rated DANGCEM the most valuable brand, the mover and shaker of the market movements.
Airtel Africa has dislodged MTN Nigeria, the telecom industry market leader. Investors however place a higher value on Airtel than MTN Nigeria, some analysts believe MTN Nigeria is undervalued.
According to market data, Airtel Africa is now valued at N4.342 trillion at a share price of N1,155.50 on Friday. The telecom giant has 3.758 billion outstanding shares, according to Nigerian Exchange data.
Airtel Africa, a close ally to the market moving engine, ranks as the second most valuable brand in the stock market – for now. After falling down the line, MTN Nigeria share price has steadied for the last seven trading sessions despite five straights days of rallies in the local bourse.
Following its retail offer to local investors in Nigeria late last year amidst the group planned to sell down, MTN Nigeria share price has gained weight, rising 12.4% above the N169 offer price.
The largest telecom company by market share was valued at N3.867 trillion at the close of the trading session on Friday at the unit price of N190. MTN Nigeria has 20.354 billion outstanding shares.
At the market price of N71.40 per share, BUA Cement valuation in the local bourse closed at N2.418 trillion, ranked fourth among the most valuable brands in the Nigerian market.
The member of cement oligarchs, which also happens to be the industry challenger has 33.864 billion shares outstanding, according to NGX market data.
Last week, the BUA Cement share price rallied for 5 straight trading sessions at the local bourse, printed at N71.4 per unit after it traded flattish on Friday.
Nestle Nigeria Plc, the most expensive stock on the local bourse printed at N1.435 per share after the consumer goods companies traded flattish for seven trading sessions.
One of Nigeria’s dividend aristocrats has just about 793 million outstanding shares valued by investors at N1.137 trillion. Nestle Nigeria has less share price volatility.
In the trillion naira market capitalised class, Nestle Nigeria comes from the bottom of the rank, displaced by BUA Foods which currently commands N1.157 trillion in market value. #Top Six Listed Companies Market Valuation Nears N18trn
