MTN Nigeria Topples Dangote Cement; Emerges Most Valued Company

• MTN Nigeria Topples Dangote Cement; Emerges Most Valued Company

MTN Nigeria has emerged the largest listed company on the Nigerian Stock Exchange just three months after listing on the bourse.

The stock of the telecommunication giant gained 2.74 percent or N75.3 billion on Monday to close at N138.70 per share.

The market value of the company rose to N2.82 trillion or $7.52 billion on Monday to toppled Dangote Cement, the former largest listed company in Nigeria.

In the last three month, the telecommunication company has gained 35.1 percent from N90 per share and N1.83 trillion market value it listed to N138.70 per share and N2.82 trillion market value, respectively.

Accordingly, shares of Dangote Cement rose by 0.3 percent to close at N164.50 per share.

The market value of the cement giant closed at N2.80 trillion or $7.67 billion, N200 billion below MTN Nigeria’s new market value of N2.82 trillion.

“It’s an interesting race to watch out for,” Gbolahan Ologunro, an equity research analyst at Lagos-based investment house, CSL Stockbrokers Limited stated on Monday. “Unlike what we had
in the past when the most capitalised stock was held by Dangote Cement, both stocks would now rotate the title.”

MTN Nigeria listed 20,354,513,050 shares at N90 per share on May 16, 2019.