Connect with us

Business and Brands

Airtel, MTNN’s shareholders gain N2.113 trillion in market value in 2023



Following the positive sentiment, the Nigerian Exchange Limited witnessed in 2023, shares of Airtel Africa Plc and MTN Nigeria Plc recorded a combined gain of 20.09% during the year.

This resulted in investors of the companies gaining about N2.113 trillion at the close of trading on December 29th of December 2023.


The market sentiment for the segment which comprises two telecom firms-MTN Nigeria Plc and Airtel Africa Plc has remained resilient in the face of economic volatility.

Breakdown of the gains:

  • Checks by Nairametrics showed MTN Nigeria closed its last trading day (Friday 29, December 2023) at N264 per share and N5.542 trillion in market capitalization on the Nigerian Stock Exchange (NGX) as against N215 per share and N4.376 trillion in market capitalization at the beginning of trading in January 2023, hence has earned a gain of N1.166 trillion or 22.79 % year to date.
  • Also, Airtel Africa shares rose to N1187 per share or N7.091 trillion in market capitalization after the year’s trading from N1,635 per share or N6.144 trillion at the beginning of trading, hence adding N947 billion or 15.41% to the market capitalization.
READ ALSO:   Breaking: Ogun State Signs Anti-Open Grazing Bill Into Law

What market operators said about the market

Tajudeen Olayinka, CEO, of Wyoming Capital and Partners reviewing the market in an exclusive chat with Nairametrics noted that the market in 2023 has been quite eventful and bullish.

  • “We saw a market that picked its 2023 position way back in November 2022, when it was obvious that the three leading presidential candidates, namely: Asiwaju Bola Ahmed Tinubu, Peter Obi, and Alhaji Atiku Abubakar, that could succeed former President Muhammadu Buhari, were pro-market. 
  • And so, the build-up to the bullish run in 2023 that started in November 2022 was a demonstration of market confidence in a private sector-centric president,” he said.
READ ALSO:   El Salvador President calls for prayers in hope to end coivd-19

He noted that President Bola Ahmed Tinubu’s inaugural speech, specifically addressing the removal of fuel subsidies and exchange rate unification, served as a catalyst, finally unlocking the long-suppressed market-wide confidence. This latent optimism, which had lingered but remained elusive in the market until then, was activated following the president’s address.

Furthermore, he emphasized that this heightened market-wide confidence endured consistently throughout the entire year.


Executive Vice Chairman, of Hicap Securities Limited, Mr. David Adonri Highcap said that as of 29 December 2023, equities had appreciated year-to-date by about 45%.

  • “The Equities secondary market broke several records including crossing the 15-year-old highest level of 66,371.20 attained on 5th March 2008.
  • Market Capitalization also crossed N15.54 trillion it attained on 5th March 2008. As of 29 December 2023, ASI closed at 74,773.85 while Market Cap was over N40.507 trillion for equities and N33.831 for Bonds,” he said.
READ ALSO:   Breaking: Messi Joins PSG On Two Year Deal

What you should know 

Closing the year on a high note, the NGX Exchange recorded a year-on-year increase of 45.90%, marking the fourth consecutive annual gain as it closed at 74,773.77 index points.

Concurrently, the market capitalization experienced a noteworthy uptick of N13 trillion year-on-year, concluding at N40.92 trillion.


The positive market sentiment observed among investors can be attributed to various factors, with a key influence being the favourable policies implemented by President Bola Tinubu’s administration.

These policies encompass the removal of fuel subsidies, the rationalization of exchange rates, and the floating of the naira. Investors strategically positioned themselves, capitalizing on the recent record earnings posted by quoted firms.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Also Read...