Ten stocks account for N9.173 trillion or 71 percent of the market capitalisation of the Nigerian equities market, THISDAY checks have revealed. The market capitalisation of the Nigerian Stock Exchange (NSE), which measures the value of stocks listed on the exchange, stood at N12.932 trillion as at last week.
The stocks are Dangote Cement Plc, Nigerian Breweries Plc, Nestle Nigeria Plc, Guaranty Trust Bank Plc, Zenith Bank Plc, FBN Bank Plc, Seplat Petroleum Development Company Plc, Lafarge Cement WAPCO Nigeria Plc, Guinness Nigeria Plc and Cadbury Nigeria Plc.
Dangote Cement led the top 10 league with N4 trillion, which is about 31 per cent of the market capitalisation. Nigerian Breweries Plc occupied the second place with N1.134 trillion, while Nestle Nigeria Plc occupied with N911 billion.
Guaranty Trust Bank Plc occupied the third position with N800 billion, just as Zenith Bank Plc occupied the fourth place N706 billion. FBN Holdings Plc account for N400 billion, while Seplat, which was listed last week accounts for N362 billion. Others are: Lafarge WAPCO (N330billion), Guinness Nigeria (N283 billion) and Cadbury (N247 billion).
Meanwhile, market analysts said the implication of the development is that these 10 stocks, especially, Dangote Cement, determine the direction of the market. There are about 200 stocks listed on the NSE, and if only 10 account for 71 per cent, that means price changes in any of these stocks affect the market.
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