In the closing quarter of 2023, Dangote Cement, MTN Nigeria, and Airtel emerged as the leading contenders for the title of Nigeria’s Top 10 Highest-valued Companies. Collectively, they commanded a substantial 45% share of the total equities market capitalization, reflecting a significant market growth of N2.96 trillion between July and September.
During this period, the All-Share Index, a key indicator of market performance, saw a noteworthy appreciation of 8.88%, reaching a closing value of 66,382.14 points, up from 60,968.27 points at the end of June.
Market capitalization also experienced an upswing, surging from N33.4 trillion to N36.3 trillion within the same timeframe. The race for the top spot in Nigeria’s corporate hierarchy intensified, with Zenith Bank dropping below the N1 trillion valuation threshold and newcomers Seplat and Stanbic IBTC entering the exclusive club of high-value companies.
Of particular interest, the top ten companies collectively represented a commanding 76% of the entire market, with a combined value of N27.67 trillion. Notably, eight of these ten companies boasted valuations exceeding N1 trillion.
A deeper analysis of data from the NGX, as compiled by Nairametrics Research, revealed a diversified list spanning six industries. Among the top ten firms, three operated within the financial services sector, one in the oil and gas industry, one in the energy sector, two in the ICT sector, two in the industrial sector, and one in the consumer goods sector.
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Here’s a ranking of Nigeria’s Top 10 Highest-valued companies as of the conclusion of September 2023:
10. Geregu Power (Energy) – N848.75 billion
Geregu Power rounded out the list of the country’s top ten companies by market capitalization, boasting a valuation of N848.75 billion at the close of September 2023. This firm accounted for 2% of the total market and recorded a remarkable gain of N98.75 billion during the review period, representing a 13.2% increase in stock value.
9. Zenith Bank (Banking) – N987.42 billion
Nigeria’s prominent banking giant, Zenith Bank, secured the ninth position with a valuation of N987.42 billion, indicating a decrease of N87.91 billion compared to its previous quarter’s valuation of N1.08 trillion. Zenith Bank contributed 3% to the market’s total capitalization and was one of three banks in the elite top ten list.
8. Stanbic IBTC (Banking) – N1.01 trillion
Stanbic IBTC Holdings made a substantial leap in the third quarter, joining the N1 trillion club with a remarkable 44.4% price appreciation, pushing its valuation to N1.01 trillion. In absolute terms, Stanbic IBTC gained N310.97 billion over three months. The diversified financial services provider now represented 3% of Nigeria’s entire stock market. Hence, it is among the top 10 highest-valued companies.
7. GT Holdings (Banking) – N1.01 trillion
Guaranty Trust Holdings, with a valuation of N1.01 trillion, held the title of the most valuable listed bank in Nigeria and ranked seventh in terms of market capitalization across all industries. Despite a 1.6% decrease in its stock price during Q3 2023, GTCo accounted for 3% of the total market capitalization.
6. Seplat (Oil & Gas) – N1.08 trillion
Seplat Petroleum, inducted into the N1 trillion valuation league in Q3 2023, experienced an impressive 31.2% surge in valuation during the third quarter, reaching N1.08 trillion. The company also contributed 3% to the overall market capitalization and was among the top 10 highest-valued companies.
5. BUA Cement (Industrial Goods) – N2.89 trillion
Cement manufacturer BUA Cement slipped to the fifth position in September, losing its fourth-place ranking to sister company BUA Foods. Its market capitalization decreased by 7.3% from N3.12 trillion in the previous quarter to N2.89 trillion. Nevertheless, the company accounted for 8% of the total equities market capitalization.
4. BUA Foods (Consumer Goods) – N3.65 trillion
BUA Foods secured the fourth position on the list of most valuable companies as of September 2023, boasting a market valuation of N3.65 trillion and representing 10% of the entire market capitalization. BUA Foods climbed one spot compared to the previous quarter, where it trailed behind its sibling, BUA Cement. The market capitalization increased by an impressive 49.4% compared to the end of June 2023 when it stood at N2.44 trillion.
3. Airtel Africa (ICT) – N4.85 trillion
Airtel Africa, one of Nigeria’s major mobile telecommunication service providers, slid one position down the valuation rankings compared to the previous quarter. It experienced a 2.3% decline in its stock price during the review period, resulting in a market capitalization of N4.85 trillion, down from N4.96 trillion at the end of June. However, Airtel Africa accounted for 13% of the entire market capitalization during this period.
2. MTN Nigeria (ICT) – N5.54 trillion
Nigeria’s telecom giant, MTN Nigeria, held the second position in the stock market with a capitalization of N5.54 trillion, representing 15% of the total market capitalization. MTN, which had previously occupied the top spot in June 2023, now trailed behind Dangote Cement. Its market valuation experienced a slight decrease of 0.4% during the review quarter, falling from N5.56 trillion in June to N5.54 trillion in September 2023.
1. Dangote Cement (Industrial Goods) – N5.79 trillion
Dangote Cement reclaimed its position as Nigeria’s most valuable company in September 2023, boasting a market valuation of N5.79 trillion after a remarkable gain of 19.3% (N937.2 billion) in valuation. The cement giant dethroned MTN, holding the top spot for the past three months, and accounted for a commanding 16% of the entire market capitalization.
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