Despite double-digit inflation hinged on a challenging business environment, Dangote Cement, Airtel Africa Plc, MTN Nigeria Communication Plc, BUA Foods Plc, BUA Cement Plc, and seven others contributed about 80.46 percent to overall market capitalisation.
Others are: Zenith Bank Plc, Guaranty Trust Holding Company Plc, United Bank for Africa Plc, Access Holdings Plc, Geregu Power Plc, Transcorp Hotel Plc, and Seplat Petroleum Plc
These 12 companies have earned their places in the
As of January 23, 2024, Nigeria’s equities market capitalisation garnered about N13.05 trillion to N53.9712 companies contributing about 80.46 per cent or N43.42 trillion.
InsideBusiness analysis showed Dangote Cement earned the top spot on the list with N11.11 trillion marketAirtel Africa with N7.52 trillion market capitalisation and MTN Nigeria recorded in market capitalisation as of January 23, 2024.
BUA Cement recorded N5.53 trillion market capitalisation, and BUA Foods at N4.63 trillion.
Zenith Bank’s market capitalisation stood at N1.32 trillion, GTCO, N1.25 trillion, Seplat Energy, N1.64 trillion, UBA, N1.03trillion, Access Holdings, N1.02trillion, Geregu Power, N1.17trillion and Transcorp Hotel, N1.02trillion in market capitalisation.
Findings show that these firms are defying the odds by tightening their belts, and applying cost optimisation strategies and innovativeto navigate Nigeria’s weak macroeconomic environment and optimise
The stock market in 2024 has continueda positive to President Bola Tinubu’s foreign exchange policies, the removal of fuel subsidies that have attracted more foreign investors’ participation, and impressive corporate earnings by listed companies.
The Professor of Capital Market, Nasarawa State University Keffi, Prof. Uche Uwaleke recently expressed that the Nigerian capital market is over-concentrated withmajor barriers to market development.
“This is demonstrated by the fact that only seven out of 155 listed companies account for overcent of equities market capitalization,” he said.
He noted that the 155base is relatively small.
eligible companies including multinational companies particularly in the telecom and oil and gas sectors remain unlisted.
“Out of the over 4 million companies registered by the Corporate Affairs Commission as at 2020, only 155NGX, and less than 50 on NASD and nine on the NGX Growth Board,” he said.
He, however, recommended that privatized governmentlisted on the NGX for the capital market to develop and support the nation’s development.