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MTN Nigeria overtakes Airtel Africa as the most valued stock on NGX



SWOOTs are known as Stocks Worth Over One Trillion. They are the stocks with market valuation of at least N1 trillion.

The stocks in this category are Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods, and BUA Cement.

At the close of market activities for the week, the combined market capitalization of SWOOTs depreciated by -1.47% to close at N18.83 trillion from N19.11 trillion the previous week, reflecting a loss of N281.86 billion.

But that doesn’t tell the whole story, because despite the combined loss, only Airtel Africa closed negative while other stocks closed flat.


Due to Airtel Africa losing -6.0% in share price, MTN Nigeria becomes the most valued company at The Nigeria Exchange with market valuation of N4.66 trillion.

A summary of the performance of each stock is analyzed below.

MTN Nigeria Plc

MTN Plc share price remain unchanged from last week as it closed at N229 per share.

The telecom giant overtakes Airtel Africa to close the week as the most valued company at NGX with market capitalization of N4.66 trillion.

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In its unaudited financial report for Q1 2023, MTN had 20.6% revenue growth to N568.14 billion from N470.98 billion in Q1 2022.

The Profit After Tax also grew by 4.6% to N101.30 billion from N96.82 billion recorded in Q1 2022.

BUA Cement Plc

BUA Cement Plc share price remain unchanged from last week as it closed at N90 per share. Its market capitalization stood at N3.05 trillion.

The company’s unaudited financial report for Q1 2023 revealed revenue of N106.35 billion, reflecting a growth of 9.65% from N96.99 billion in 2021.


Meanwhile, profit after tax for Q1 2023 fell by -19.1% to N26.80 billion from N33.14 billion recorded in the corresponding period.

Earnings Per Share (EPS) also fell by -19.39% from N0.98 to N0.79.

BUA Foods Plc

The share price of BUA Foods Plc remain unchanged from last week as it closed at N117 per share. Similarly, the market capitalization remain unchanged to close at N2.11 trillion.

In its reported unaudited financial statement for Q1 2023, revenue grew by 60.2% to N144.32 billion from N90.06 billion recorded in Q1 2022.

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Profit After Tax for the period rose by 77.1% to N40.47 billion from the N22.84 billion recorded in Q1 2022.

Earnings Per Share (EPS) grew to N2.25 an increase of 77% recorded in Q1 2022.

Airtel Africa Plc

Airtel Africa Plc share price declined by -6.0% to close at N1175 per share.

Market capitalization lost N281.86 billion to close the week at N4.41 trillion. Because of the loss, its telecom competitor – MTN Nigeria becomes the most capitalized stock at the NGX.


According to its audited financial report, Airtel Africa, raked in the sum of N980 billion ($2.128 billion) from its services for the financial year ended March 31, 2023. This represents a 20.3% growth year on year compared with the N864.9 billion ($1.878 billion) recorded in the same period last year.

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Dangote Cement Plc

Dangote Cement Plc share price remain unchanged from last week as it closed at N270 per share.

The company, which is the most capitalized cement producer on the NGX, has a total Market capitalization of N4.60 trillion.

The unaudited Q1 2023 financial result revealed a marginal loss in revenue of –N6.46 billion (1.56%) to N406.72 billion from N413.18 billion in Q1 2022.


Meanwhile, Profit After Tax for the period marginally increased by N3.65 billion (1.56%) to N109.50 billion from N105.85 billion in Q1 2022.

What You Should Know

The NGX All-Share Index and Market Capitalization depreciated by -0.05% to close the week at 52,187.93 and N28.417 trillion respectively.

The SWOOTs with a combined market valuation of N18.83 trillion make up over 60% of the entire NGX, hence, strongly influencing the growth or otherwise of the exchange.


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