Airtel Africa, a member of the SWOOT (Stocks Worth Over One Trillion), has now become the most capitalized company listed on the Nigerian stock exchange, surpassing Dangote Cement.
Airtel Africa, the second-largest telecoms company in Nigeria crossed the N5 trillion mark for the first time on Friday as the company’s stock gained 9.9% to close at N5.4 trillion which makes it the the first time any Nigerian company has surpassed N5 trillion in Market Capitalization.
Airtel first surpassed Dangote Cement as the most capitalized stock on Thursday after it gained 10% closing at N1,271. Dangote Cement in contrast fell on Thursday by 8.53% from its 52-week high of N284.90 to close the trading session at N260.60, on profit-taking by investors. This saw Dangote’s market capitalization fall by N414.1 billion, from N4.86 trillion to N4.44 trillion and it remained flat on Friday, January 28.
Airtel on Friday gained another 9.9% taking its share price to N1,390. Airtel’s share price has now gained over 46% this year on the back of improved operational performance, share buybacks, and investor sentiments.