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Sunday, February 25, 2024

Trillion-Naira Club Companies Reach Combined N25.33trn in 2023

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The combined market cap of Nigerian companies valued over a trillion Naira has reached N25 trillion in 2023, which nearly doubles previous year’s figure, according to data gathered by MoneyCentral.

Airtel Africa leads with a market cap worth N7.09 trillion, followed by MTN Nigeria, N5.54 trillion; Dangote Cement, N5.45 trillion; BUA Cement, N3.48 trillion; SeplatEnergies, N1.35 trillion; Zenith Bank, N1.21 trillion, and Guaranty Trust Holdings, N1.19 trillion.

Interestingly, the N25 trillion market value is 61.36 percent of N40.91 trillion equity market capitalisation (NGXASI).

These firms benefited from the monster rally of 2023 that was underpinned by the market-friendly policies of president Bola Ahmed Tinubu who announced the removal of subsidies on fuel and the unification of the foreign exchange rate, but foreign investors have remained on the sidelines because of fear of repatriating their money.

The NGX-ASI rose 0.36 percent to 74,773.77 points due to buy interest in bellwether firms as year-to-date (YTD) return improved to 45.40 percent.

The best performing bellwether stocks were: Transnational Corporation of Nigeria or

Transcorp with year to date of +666.37 percent; BUA Foods, +197.54 percent; Geregu Power, +167.79 percent; Nascon Allied, +384.23 percent; Dangote Sugar, +255.14 percent, and Seplat, +110.14 percent.

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