The combined market capitalization of stocks worth over one trillion (SWOOTs) appreciated by 0.71% to close at N17.24 trillion, from N17.15 trillion the previous week. This shows a gain of N121.57 billion during the week under review. Stocks included in this classification are AIRTELAFRICA, BUA CEMENT, DANGOTE CEMENT, BUAFOODS, and MTNN Plc.
Stock Performance
MTNN Plc – N197.00: MTNN Plc’s share price appreciated by 2.60% to close at N197.00 per share, taking its market capitalization to N4.00 trillion at the end of last week’s trading session. The telco’s market capitalization is N763 billion, lower than that of its competitor, Airtel Africa.
MTNN Plc is the third-most capitalized company on the Nigerian Exchange (NGX). The company released its Q3 2022 financial result, reflecting a 21.9% growth in revenue to stand at N504.8 billion for the period, from N414.05 billion, while profit after tax grew by 11.4% from N78.48 billion in H1 2021 to N87.41 billion in the current period.
BUA Foods Plc – N57.00: BUA Foods Plc’s share price was valued at N57 at the end of the trading week. The amount depicts growth from the N55.9 which closed at the end of last week. The market capitalization of BUA Foods appreciated to N1.02 trillion, compared to N1.00 trillion last week.
BUA Foods posted a net profit after tax ofN68.76 billion in 9 months of 2022, a 17.2% increase from N58.7. Revenue for the period was N290 billion, from N241 billion in the same period last year.
Dangote Cement Plc – N238.50: Dangote Cement’s share price depreciated by 0.62% to close at N238.50. The company, which is the most capitalized cement producer on the NGX, has a total market capitalization of N4.06 trillion as of the close of the market during the trading week.
Dangote Cement Plc is currently the second most-valued company quoted on the exchange and makes up roughly 23% of the total market capitalization of all stocks worth over one trillion.
The Q3 2022 financial result revealed a profit of N40.50 billion, representing a 52.67% dip from the N86.6 billion Y-o-Y. Meanwhile, revenue for the period stood at N369.21 billion, an 11.3% increase from the corresponding period of 2021.
Airtel Africa Plc – N1,270.00: Airtel Africa Plc’s share price depreciated by 0.39% to close at N1,270.00. Market capitalization dipped during the week to a value of N4.77 trillion, from N4.79 trillion at the end of the trading week.
Airtel Africa Plc ended the week as the most capitalized company on the exchange once again, leading the SWOOTS strongly, with MTNN, its competitor and third-most capitalized stock, far behind.
The telecom giant released its financial statement for half the year ended September 2022 revealing the profit after tax of $330 million, lower by 1.5% due to higher foreign exchange and derivative losses of $160 million.
Similarly, its reported strong revenue growth in constant currency was posted across all four reporting segments as Mobile Services revenue in Nigeria grew by 19.7%, in East Africa by 12.4% and in Francophone Africa by 12.1% (and across the group by 15.6%, with voice revenue up by 12.0% and data revenue up by 22.1%).
BUA Cement N72.00: BUA Cement’s share price remained unchanged at the end of the trading week. The cement company’s market cap stood at N2.44 trillion.
The company’s Q3 2022 financial report revealed revenue of N74 billion, reflecting a growth of 18.21% from N62.63 billion in 2021. Meanwhile, profit after tax dipped by N9.86 billion, reflecting a 44% decrease from N22.51 billion recorded in the corresponding period of 2021, to N12.65 billion in the current period.
