On the research of the trading of public equities that happened in July 2023, Dangote Cement, a Nigerian cement company, has surpassed MTN Nigeria as the most valuable company in the country, with a market capitalization of N5.99 trillion ($7.9 billion) as of the end of July 2023.
- Last month, Investingport recorded that MTN Nigeria was the most valuable company in June 2023, we also predicted that Dangote Cement could surpass MTN Nigeria in no distant time.
In the records, Airtel Africa ranked as the third most valuable firm, with a market capitalization of N4.96 trillion ($6.6 billion).
Also on the list are, BUA Cement, BUA Foods, GTCo, Zenith Bank, Seplat Energies, Nestle Nigeria, and Stanbic IBTC are also on this distinguished list.
The total value of these top-ranking firms is N27.06 trillion ($37.7 billion), accounting for 77% of the whole stock market and 14% of Nigeria's nominal GDP (N199.3 trillion).
The market performance for July 2023 was reliant on the trends of the 10 most valuable businesses because they held over three-quarters of the total market valuation.
A Look at Market Performance in July 2023
The Nigerian stocks market witnessed a positive trend in July 2023, attaining a 5.5% increase. The All-Share index finished the month at 64,337.52 points, with a market capitalization of N35.01 trillion.This year, the market has increased by an astonishing 25.5%, powered by positive investor sentiment towards equities as a result of the new administration's favourable fiscal and monetary policies.
Also, one of the few policy measures adopted by the current administration is the unification of currency rates and depreciation of the naira, which is intended to increase foreign involvement in the Nigerian stocks market, hence raising foreign portfolio investments (FPIs).
A Breakdown of Most Valuable Companies in July 2023
The top ten most valued companies on the NGX are from a variety of industries, including industrial products, telecommunications, consumer goods, finance, and oil and gas.Two of these enterprises, in particular, are in the industrial products sector, specializing in cement manufacturing.
In addition, two telecommunications corporations, one oil and gas company, two consumer products companies, and three commercial banks are among the top ten.
NGX records showed that GTCO surpassed Zenith Bank to be the most valuable bank in July 2023. Research showed that Investingport predicted that GTCO will join SWOOTs in no distant time.
Dangote Cement – N5.99 trillion ($7.9 billion)
Read more: https://www.investingport.com/ngx-most-valuable-traded-companies-in-july-2023/