Airtel, MTNN, Dangote Cement top Nigeria’s most capitalised stocks

Listed Telecommunications giants led the pack of most capitalised stocks on the Nigerian Exchange Limited (NGX) in 2023.

Topmost on the list is Airtel Africa with listed stocks valuation at N7.09trillion as of the end of 2023.

It was followed by MTN Nigeria (N5.54trillion), and Dangote Cement (N5.45trillion).

BUA Foods closed the year with N3.48trillion in capitalisation, followed by its sister company BUA Cement (N3.28trillion).

Seplat Energy’s listed equities valuation was N1.36trillion in 2023, Zenith Bank (N1.21trillion), GT HoldCo (N1.19trillion), and Geregu Power (N997.5billion).

Stanbic IBTC closed 2023 with stock valuation of N902.5billion, UBA Plc (N877.2billion), and Nestle Nigeria (N871.9billion).

The NGX market concluded the year on a positive note, gaining 45.90 percent. This upswing is commonly referred to as the “post-inauguration rally,” CardinalStone Research analysts said in a recent note.

The analysts noted that the fourth quarter (Q4) 2023 recorded the highest quarterly return, surging by 12.60percent following positive earnings releases.

The second quarter (Q2) 2023 came in second, with an 11.1percent gain, aided by the exchange rate unification and subsidy removal announcement in May.

All five sectors closed in 2023 in the green. Specifically, the Oil & Gas (+125.54percent) index led the sectoral gains owing to increased demand in SEPLAT (+110percent).

The Banking (+114.90percent), Consumer Goods (+90.39percent), Insurance (+84.48percent), and Industrial Goods (+12.86percent) indices followed suit on the back of price increases in UBA (+237.50percent), BUAFOODS (+197.54percent), MANSARD (+175percent), and WAPCO (+31.50percent).

“During the year, the bourse produced 119 gainers and 12 losers, with TRANSCOHOT (+1022.8percent), CWG (+802.17percent), CHAMS (+720.83percent), TRANSCORP (+666.37percent), MRS (+644.68percent), NNFM (+639.84percent) leading the gainers.

On the flip side, ROYALEX (-39.42percent), JULI (-25.32percent), CHAMPION (-24.55percent), ELLAHLAKES (-19.44percent), PHARMDEKO (-12.86percent), and NB (-12.20percent) were the top losers,” the analysts noted further.

Market watchers expect the local bourse to sustain its positive momentum, driven by buying interest on tickers with lower prices.

Also anticipated are further bargain-hunting activities as investors position strategically ahead of full-year earnings releases.

This does take off the fact that while tickers in some sectors have gained significantly, it may spur profit-taking activities.

“It was an impressive run in the equity market last year, with a year-to-date (YtD) return of 45.90 percent. We expect the positive sentiments to filter into the new year, as investors continue to take position in the expected growth sectors,” according to Lagos-based Vetiva Research analysts in their recent note.


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