Newsonline reports that Nigeria’s major telecommunication giant, MTN Nigeria is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies listed on the Nigerian Stock Exchange combined.
This is according to market valuation data as of May 20th, 2022, tracked and compiled by Nairametrics from the Nigerian Exchange.
As of Friday, MTN Nigeria closed with a total market capitalization of N5.068 trillion making it the third most capitalized stock on the Nigerian Exchange. MTN Nigeria now joining Airtel and Dangote Cement, all members of the SWOOT to be worth more than the financial services sector.
MTN was briefly the most capitalized stock two weeks ago when the share price was trading at N264 per share valuing it at N5.3 trillion. However, Airtel and Dangote Cement prices have since risen while MTN shed some of its gains.
MTN Nigeria belongs to a category of companies termed SWOOTs by Nairametrics which means Stocks Worth Over One Trillion Naira. Other members of the group include Airtel Africa (N5.5 trillion) Dangote Cement (N5.1 trillion), BUA Cement (N2.5 trillion), Nestle (N1.1 trillion), and BUA Food (N1 trillion).
Shares of MTN have been on the rise since the beginning of the year starting from about N197 to as high as N270 last week.
While Airtel, valued at over N5.5 trillion is also more valuable than all the financial services firms, MTN is more significant as the company’s financials represent income generated from Nigeria alone, excluding other African countries.
Airtel’s income includes that of other sub-Saharan African countries even though the income of Nigeria is dominant with about 40% of revenues.
A combination of factors explains why MTN and even Airtel are more valuable than the Nigerian financial services sector including banks.
We are also not surprised that MTN has now eclipsed the entire financial service sector in market valuation.
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