Airtel Africa is now the most capitalized company listed on the Nigerian stock exchange, surpassing Dangote Cement, the giant cement producer owned by Africa’s richest man, Aliko Dangote.
According to a report by Nairametrics, Nigeria‘s second largest telecom company crossed the N5 trillion mark for the first time on Friday as shares gained 9.9% to close at N5.4 trillion.
This is also the first time that a Nigerian company has exceeded N5 billion in market capitalization.
Airtel overtook Dangote Cement as the most capitalized stock for the first time on Thursday after it gained 10% to close at N1,271.
Dangote Cement, by contrast, fell 8.53% from its 52-week high of N284.90 on Thursday to close the trading session at N260.60, due to profit-taking by investors.
This caused Dangote’s market capitalization to drop by N414.1 billion, from N4.86 billion to N4.44 billion.
So far in today’s trading session, Dangote Cement is unchanged at N260.60 and Airtel is currently trading at N1,398, up 9.99%, the most the share price can earn in today’s trading session.
