Airtel Africa Plc is now worth more than all Nigerian quoted banks combined, closing the week at N4.78 trillion in value.
This is following a trading week that favored the telecommunication company, hence, increasing the share price by 10.00% to close the week at N1,271 per share, despite trading as high as N1,390 on the exchange floor briefly hitting a N5 trillion market capitalization.
Currently, all 14 banks listed on The Exchange are worth N3.77 trillion, including the FUGAZ (Tier-1 banks), which have a combined market value of N2.63 trillion. However, as at Friday, January 28, 2022, Airtel Africa closed the trading session with a market capitalization of N4.78 trillion, N1.1 trillion worth more than all 14 banks combined.
Read: Google set to invest $1 billion in Airtel, to acquire 1.28% stake
This is attributable to the buy-interests witnessed in the shares of the telecommunication giant during the week. Airtel Africa Plc also displaced Dangote Cement Plc to rank as the most capitalized company on the Nigerian Exchange Limited (NGX).
In the same week, Dangote Cement Plc fell from its 52-week high price of N284.90 per share to close the week at N260.60, reflecting a decline of 8.53% on the back of sell-pressures, thereby taking the cement company to a market cap of N4.44 trillion from N4.86 trillion.
Read: Airtel Africa becomes first company to surpass N5 trillion market cap as it overtakes Dangote Cement
What you should know
- The shares of Airtel Africa Plc have appreciated by 33.09% from year-to-date, starting the year at N955.00 and currently traded at N1,271. However, the shares of the company have returned about 111.48% gains for investors who bought them at their 52-week low trading price of N601.00 per share.
- Airtel Africa now owns 99.96% of the 3.76 billion total shares outstanding, after the completion of its minority share buyback in December 2021.
- The company recently announced that it would be releasing its nine months results on Friday, February 4th, 2022.