Nigerian stocks worth over one trillion (SWOOTs) witnessed significant losses last week due to decline in the share price of AIRTEL and BUAFOOD while MTNN share improved slightly.
The combined market capitalization of stocks worth over one trillion (SWOOTs) depreciated by 1.49% to close at N20.17 trillion, down from N20.47 trillion the previous week, reflecting a decline of N304 billion.
Stocks included in this classification are AIRTELAFRICA, BUA CEMENT, DANGOTE CEMENT, BUAFOODS and MTNN Plc.
Do note that the NGX All-Share Index and Market Capitalization depreciated by 0.96% and 0.95% to close the week at 53,804.46 and N29.310 trillion respectively.
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MTNN Plc – N245.50
MTNN Plc’s share price appreciated during the week to close at N245.50 from N241.90 it closed the previous week. Similarly, the telecom’s market cap increased to close the week at N4.997 trillion from N4.923 trillion in the previous week.
As a competitor of Airtel Nig Plc, MTN’s total market capitalization is N866 billion lower than Airtel Africa’s current market value.
MTNN Plc is the second-most capitalized company on the Nigerian Exchange (NGX). The company released its 2022 financial result, reflecting a 21.6% growth in revenue to stand at N2.01 trillion for the period, from N1.65 trillion, while profit after tax grew by 20.2% from N358.89 billion in FY 2021 to N358.88 billion in the 2022.
Airtel Africa Plc – N1,560.00
Airtel Africa Plc’s lost N375.82 billion in one week as share price fell from N1,660.00 to N1,560.00. Market cap of Airtel closed the week at N5.86 trillion from N6.24 trillion at the end of the week.
Airtel Africa Plc ended the week as the most capitalized company on the exchange, leading the SWOOTS strongly, with MTNN, its competitor and second-most capitalized stock, far behind.
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The telecom giant released its financial statement for nine-month period ended 31st December 2022 revealing a profit after tax of $523 million, higher by 1.7% from the previous year.
Similarly, strong revenue growth in constant currency was posted across all four reporting segments as Mobile Services revenue in Nigeria grew by 26.9%, while with voice revenue up by 7.20% and data revenue and other revenue were up by 16.9% and 5.1%.
Dangote Cement Plc – N270.00
Dangote Cement Plc’s share price remained unchanged to close the week at N270.00, the same amount it closed the previous week.
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The company, which is a competitor of Bua Cement Plc and Wapco Plc, and the most capitalized cement producer on the NGX, has a total Market capitalization of N4.60 trillion as of market close this week.
Dangote Cement Plc is the third most-valued company quoted on the exchange and makes up roughly 23% of the total market capitalization of all stocks worth over one trillion.
The Q3 2022 financial result revealed a profit of N40.50 billion, representing a 52.67% dip from the N86.6 billion Y-o-Y. Meanwhile, revenue for the period stood at N369.21 billion, an 11.3% increase from the corresponding period of 2021.
Bua Cement Plc – N99.45
Bua Cement’s share price remained unchanged to close at N99.45 at the end of the trading week. Similarly, its market cap closed remained at N3.37 after trading activities for the week.
The company’s Q3 2022 financial report revealed revenue of N74 billion, reflecting a growth of 18.21% from N62.63 billion in 2021. Meanwhile, profit after tax dipped by N9.86 billion, reflecting a 44% decrease from N22.51 billion recorded in the corresponding period of 2021, to N12.65 billion in the current period.
BUA Foods Plc – 74.40
BUA Foods Plc’s share price declined to close the week at N74.40 from N74.50 the previous week. Similarly, the market cap lost N1.8 billion to close the week at N1.34 trillion.
BUA Foods posted a net profit after tax of N100.63 billion in 2022, a 29.5% increase from N77.74 billion in 2021. Total turnover for the period was N417.82 billion, from N333.27 billion in the same period last year.