SWOOTs capitalization drop by N191 billion in first trading week of the year

The combined market capitalization of stocks worth over one trillion (SWOOTs) depreciated by 0.98% to close at N19.26 trillion from N19.45 trillion the previous week, reflecting a loss of N190.66 billion. Stocks included in this classification are AIRTELAFRICA, BUA CEMENT, DANGOTE CEMENT, BUAFOODS, and MTNN Plc.  

Stock Performance 

• Bua Cement Plc – N96.00 

Bua Cement’s share price depreciated by 1.79% at the end of the trading week to a value of N96.00 compared to N97.75 last week at the end of last week while its market cap stood at N3.25 trillion from N3.31 trillion to lose a total of N59.26 billion. 

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. 

• MTNN Plc – N215.00 

MTNN Plc’s share price remained unchanged at N215.00 as its market capitalization stood at N4.38 trillion at the end of the trading sessions of the week. As a competitor of Airtel Nig Plc, MTN’s total market capitalization is N1.48 trillion lower than Airtel Africa’s current market value.   

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.  

• Dangote Cement Plc – N262.00 

Dangote Cement Plc’s share price ended the week at N262.00 from N261.00 at the end of last trading week. 

The company, which is a competitor of Bua Cement Plc and Wapco Plc, and the most capitalized cement producer on the NGX, has a total Market capitalization of N4.46 trillion as at market close this week. 

Dangote Cement Plc is currently the second most-valued company quoted on the exchange and makes up roughly 22% 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. 

• BUA Foods Plc – 74.5 

BUA Foods Plc’s share price closed the week at N74.5 from the N65.00 it closed last week. Similarly, the market cap appreciated by 14.62% to stand at N1.34 trillion from N1.17 trillion at the end of the trading week. 

BUA Foods posted a net profit after tax of N68.76 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.  

• Airtel Africa Plc – N1,550.00 

Airtel Africa Plc’s share price depreciated by 5.20% at the end of the week to close at N1,550.00 from N1,635.00 the week before. Market capitalization also declined by N319.44 billion to stand at N5.83 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 a 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