Monday, May 23, 2022

Stock market: Airtel Africa overtakes Dangote Cement, becomes first coy to surpass N5trn cap

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Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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Airtel Africa is now the most capitalized company listed on the Nigerian stock exchange, surpassing Dangote Cement, the cement-producing giant owned by Africa’s richest man, Aliko Dangote.

According to a report by Nairametrics, the second-largest telecoms company in Nigeria crossed the N5 trillion mark for the first on Friday as the stock gained 9.9% to close at N5.4 trillion.

This is also the first time any Nigerian company has surpassed N5 trillion in Market Capitalization.

Airtel first surpassed Dangote Cement as the most capitalized stock on Thursday after it gained 10% closing at N1,271.

Dangote Cement, in contrast, fell on Thursday by 8.53% from its 52-week high of N284.90 to close the trading session at N260.60, on profit-taking by investors.

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This saw Dangote’s market capitalization fall by N414.1 billion, from N4.86 trillion to N4.44 trillion.

In today’s trading session so far, Dangote Cement remains unchanged at N260.60 and Airtel is currently trading N1,398, up 9.99%, the maximum price the share price can gain in today’s trading session.

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