Six (6) big companies out of the 155 listed on the Nigerian Exchange Limited (NGX) contributed 62.3% or N24.313 trillion, out of the overall market capitalization of N39.052 trillion during November.
Companies on the list of the big six include Airtel Africa Plc, Dangote Cement Plc, MTN Nigeria Communication Plc, BUA Cement Plc, Seplat Petroleum Plc, Zenith Bank Plc, and Guaranty Trust Holdings Company Plc.
However, the country has experienced many challenges, such as a double-digit high inflation rate and other macroeconomic challenges. Nigeria's stock market opened in 2022 at N27.915 trillion, but as of now, the market has grown by 39.9%, or N11.14 trillion, to a total of N39.052 trillion.
The companies mentioned above have shown resilience as they continue to generate profit despite the economic challenges witnessed in 2023.
On November 30, 2023, Airtel Africa closed at N6.76 trillion in market capitalization when its stock price reached N1,800, an increase of 10.09% from N1,635 per share when it opened at the start of the year.
Airtel contributed 17.32% to the overall market capitalization in the period under review.
The biggest cement producer in Africa, Dangote Cement, finished with a total of N5.45 trillion, with MTN Nigeria Communications market capitalization finishing at N4.99 trillion as of November 30, 2023.
Dangote Stock price appreciated to N320 per share, a growth of 22.6% from N261.00 per share it opened this year, while the stock price of MTN Nigeria Communication as of November 30, 2023, was at N238 per share, representing an increase of 10.7% from N215 per share it closed in 2022.
BUA Cement’s market capitalization stood at N3.5 trillion when the stock price reached N104 per share as of November 30, 2023, from N97.75 per share.
On the other hand, Seplat Petroleum, Guaranty Trust Holding Company, and Zenith Bank crossed the N1 trillion market capitalization as of November 30, 2023.
Seplat Energy and GTCO have N1.36 trillion and N1.15 trillion market capitalization, respectively, as of November 30, 2023, while Zenith Bank has N1.07 trillion as of November 30, 2023.
Read more: https://www.investingport.com/niger...rillion-in-market-capitalization-in-november/