Airtel Africa Plc has reclaimed its position as the most valuable company on the Nigerian stock market, more than six months after losing the crown.
The telecommunications company emerged as the biggest gainer at the close of trading, with its market capitalisation surging by N530 billion to reach N5.79 trillion, surpassing Dangote Cement Plc.
Dangote Cement, Africa’s largest cement producer, held the top spot with a valuation of N5.59 trillion, and its share price concluded at N328. In contrast, Airtel Africa’s share price soared by 10 percent to N1,540, making it the top performer.
Airtel Africa reported a loss after tax of $13 million for the first half of 2023, attributing it to a foreign exchange loss of $471 million recorded in finance costs before tax and $317 million after tax due to the devaluation of the Nigerian naira in June 2023.
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MTN Nigeria Communications Plc secured the third position in terms of market value, boasting a valuation of N5.16 trillion and a share price of N246.
It’s worth noting that Airtel Africa had lost its title as the most valuable company to MTN Nigeria earlier in the year when its market cap fell to N4.50 trillion, while MTN Nigeria’s market cap reached N4.86 trillion.
At that time, Dangote Cement held the second spot with a valuation of N4.60 trillion.
