Earlier this week, MTN Nigeria became the most valuable company on the Nigerian Stock Exchange (NSE) after it stole the top spot from long-standing stock market leaders, Dangote Cement, who had, in fact, seemed untouchable for some time now.
But it appears the telco’s time at the top of the standings was short-lived as Dangote Cement has now reclaimed top spot after only a couple of days.
MTN Nigeria needed just three months to surpass the perennial leaders of the capitalisation log after listing in May this year, boasting a market capitalisation of NGN 2.82 Tn (USD 7.82 Bn) as of Monday, 19th August, but it closed trading yesterday on a dour note with its share price at NGN 136.00, whereas, Dangote Cement posted a strong finish.
The increase in Dangote Cement’s market capitalization was driven by its share price which hit NGN 166.00, up from NGN 164.50. At the end of yesterday’s trading, Dangote Cement’s market capitalization pegged at NGN 2.83 Tn, well above MTN Nigeria’s NGN 2.77 Tn.
Together with Nestle, MTN Nigeria; a subsidiary of South African telecommunication giant, MTN Group, and Aliko Dangote’s Dangote Cement, make up the trillion-naira club on the Nigerian stock market.
These three companies boast a market cap which makes them the toast of investors in the stock market, as market cap is every investor’s favourite indicator of a company’s stock market value as opposed to other indices like sales and total assets figures. And the trio appears to unassailable in this regard.
Featured Image Courtesy: guardian.ng