Dangote Cement, MTN Nigeria, and Airtel led the list of most valuable companies in Nigeria as of the end of Q3 2023, jointly accounting for 45% of the total equities market capitalization as the market gained N2.96 trillion between July and September.
The All-Share Index, which is a measure of the market performance appreciated by 8.88% to close the month at 66,382.14 points compared to 60,968.27 points recorded as of the end of June.
In terms of market capitalization, the market’s value increased from N33.4 trillion to N36.3 trillion in the same period.
The battle for the most valuable company in Nigeria became tighter in the review quarter as Zenith Bank fell off the N1 trillion valuable mark, while the likes of Seplat and Stanbic IBTC joined the elite list of companies.
Nairametrics highlights the most valuable listed companies on the Nigerian exchange based on their market capitalization as of the end of September 2023.
Notably, the top ten companies accounted for 76% of the entire market with a joint value of N27.67 trillion. It is also worth noting that eight of the ten companies are valued above N1 trillion.
Further analysis of the data from the NGX as compiled by Nairametrics Research shows a diversified list across six industries, with three of the ten firms operating in the financial services sector, one in the oil gas industry, one in the energy sector, two in ICT, two in the industrial sector, while the remaining one operates in the consumer goods sector.
Here is a ranking of the most valuable companies in Nigeria as of the end of September 2023:
#10. Geregu Power (Energy) – N848.75 billion
Geregu Power completes the list of ten elite companies with the highest valuation in Nigerian stock market with a valuation of N848.75 billion as of the end of September 2023.
The firm accounts for 2% of the total market, having gained N98.75 billion in the period under review, representing 13.2% stock appreciation.
#9. Zenith Bank (Banking) – N987.42 billion
Nigerian banking giant ranked ninth with a valuation of N987.42 billion, signifying an N87.91 billion loss when compared to N1.08 trillion recorded as of the end of the previous quarter. Zenith Bank accounted for 3% of the market, representing one of three banks in this elite ranking.
#8. Stanbic IBTC (Banking) – N1.01 trillion
Stanbic IBTC Holdings recorded a huge leap in the third quarter of the year to join the N1 trillion gang, with a price of appreciation of 44.4%, which the firm’s valuation hit N1.01 trillion.
In nominal terms, Stanbic IBTC gained N310.97 billion in a space of three months. The holding company with varying diversified offerings around the financial services sector now accounts for 3% of the entire Nigerian stock market.
#7. GT Holdings (Banking) – N1.01 trillion
Guaranty Trust Holding with a valuation of N1.01 trillion, is the most valuable listed bank in Nigeria and the seventh most capitalized across all industries.
Despite the bank’s ranking, it recorded a 1.6% dip in its stock price in Q3 2023, bringing the valuation down from N1.03 trillion as of the end of June to N1.01 trillion at the end of September.
GTCo, as it is popularly referred to accounts for 3% of the entire market capitalization.
#6. Seplat (Oil & gas) – N1.08 trillion
Another company that was inducted into the N1 trillion valuation gang in Q3 2023 is Seplat Petroleum, having a whopping 31.2% in the third quarter of the year to hit a valuation of N1.08 trillion.
The firm also accounts for 3% of the entire market.
#5. BUA Cement (Industrial goods) – N2.89 trillion
Cement-producing company, BUA Cement dropped to fifth position in September, losing its initial fourth position to its sister company BUA Foods as its market capitalization, which was N3.12 trillion as of the previous quarter, dipped by 7.3% to close the period at N2.89 trillion.
Meanwhile, the company accounted for 8% of the total equities market capitalization.
#4. BUA Foods (Consumer goods) – N3.65 trillion
BUA Foods ranked fourth on the list of most valuable companies as of September 2023, with a market valuation of N3.65 trillion, accounting for 10% of the entire market valuation.
BUA Foods moved up by one spot compared to the previous quarter where it ranked fifth behind sister company, BUA Cement.
Compared to the previous quarter, the market capitalization increased 49.4% from N2.44 trillion recorded as of the end of June 2023.
#3. Airtel Africa (ICT) – N4.85 trillion
Airtel Africa, one of the largest mobile telecommunication service providers in Nigeria dropped by one spot in terms of valuation ranking compared to the previous quarter, having recorded a 2.3% decline in its stock price during the review period.
Airtel Africa recorded a market capitalization of N4.85 trillion, down from N4.96 trillion recorded as of the end of June. However, the firm accounted for 13% of the entire market as of the period under review.
#2. MTN Nigeria (ICT) – N5.54 trillion
Nigeria’s telecommunication giant, MTN Nigeria ranked as the second most capitalized company in the stock market, with a capitalization of N5.54 trillion, representing 15% of the market. MTN, which topped the elite list as of June 2023, has since dropped to the second position, trailing behind cement-producing company, Dangote Cement.
The market valuation of MTN Nigeria declined slightly by 0.4% in the quarter under review from N5.56 trillion recorded as of June to N5.54 trillion in September 2023.
#1. Dangote Cement (Industrial goods) – N5.79 trillion
Dangote Cement climbed to the top position as the most valuable company in the country as of September 2023 with a valuation of N5.79 trillion, after gaining 19.3% (N937.2 billion) in valuation.
The cement-producing giant overthrew MTN in the first position and has maintained the top spot in the last three months. The cement-producing giant accounted for 16% of the entire market.
