Top 10 most valuable listed companies in Nigeria in July 2023

Dangote Cement, the leading cement company in Nigeria, surpassed MTN Nigeria to become the top-valued company in the country, with a total worth of N5.99 trillion ($7.9 billion) by the close of July 2023.

According to information monitored by Nairalytics, the investigative division of Nairametrics from the Nigerian Exchange (NGX).

Airtel Africa secures the third spot as one of the most valuable companies, with a remarkable market capitalization of N4.96 trillion ($6.6 billion).

Some other remarkable companies on this esteemed list include BUA Cement, BUA Foods, GTCo, Zenith Bank, Seplat Energies, Nestle Nigeria, and Stanbic IBTC.

The combined worth of these leading corporations is an astonishing N27.06 trillion ($37.7 billion), making up a substantial 77% of the total stock market value and an astounding 14% of Nigeria's nominal GDP, which amounts to N199.3 trillion.

This fact emphasizes the market's strong dependence on large, established stocks, as only ten companies out of more than 160 make up more than 75% of the market's overall value.

In the month of July 2023, the stock market in Nigeria had a positive trend, with a significant growth of 5.5%. By the end of the month, the All-Share index stood at 64,337.52 points and the total value of all listed stocks reached N35.01 trillion.

The NGX's roundup of the top 10 most precious companies covers a wide range of industries, such as manufacturing, communication, retail, finance, and energy.

More precisely, two of these companies function in the realm of industrial goods, focusing their expertise on the manufacturing of cement.

Furthermore, the esteemed top 10 positions consist of a pair of telecommunications companies, a single oil and gas corporation, a duo of consumer goods enterprises, and a trio of commercial banks.

It is important to mention that GTCO also experienced significant growth and became the top bank on the NGX, surpassing Zenith Bank by a small margin in July 2023.

Dangote Cement has surpassed MTN Nigeria and Airtel Africa, the major telecommunications companies, to claim the top position. As of July 2023, Dangote Cement's market value stood at an impressive N5.99 trillion, marking a 24% increase from the previous month when it recorded N4.86 trillion.

The concrete corporation represented a remarkable 17.1% of the total NGX market value.

MTN Nigeria, the biggest telecom company in Nigeria, proudly owns a market worth of N5.33 trillion, placing it in second position after being overtaken by Dangote Cement last month.

The telecommunications behemoth experienced a 4% decrease in its stock value in July of 2023. MTN Nigeria represented 15.2% of the overall market.

Airtel Africa fell to the third spot in terms of market value at the close of July 2023, with a valuation of N4.96 trillion ($6.55 billion). This downgrade came after the telco company's share price remained unchanged.

The company held a share of 14.2% in the overall market value of the Nigerian Exchange.

BUA Cement, another company that produces cement, is currently ranked fourth with a value of N3.35 trillion. This means that its value has increased by 7% from the previous month, where it was valued at N3.12 trillion.

The corporation represented 9.6% of the overall market value.

As of July 2023, BUA Foods had a valuation of N2.44 trillion, representing 7% of the overall market capitalization.

The corporation, renowned for manufacturing a diverse array of food items such as wheat, noodles, grains, and consumable fats, among various others, experienced no significant change in its stock value during the assessment period.

During the month of July 2023, the Nigerian stock market experienced remarkable performances from multiple stocks, with a few notable winners taking the lead. SAHCO particularly shone as the top-performing stock, achieving an impressive growth of 152% within that period.

In a noteworthy development, both Golden Guinea Brew and John Holt witnessed considerable rises of 93% and 92% correspondingly.

Chellarams Plc and Nascon Allied Industries, among others, experienced remarkable surges in their growth rates, with Chellarams showing an impressive increase of 75% and Nascon Allied Industries achieving an equally noteworthy growth rate of 74%.