Dangote Cement Plc has on Tuesday, regained its place as the biggest listed firm on the Nigerian Stock Exchange as sell-offs were witnessed in MTN Nigeria Communication Plc’s shares.
This is coming on the heels of MTN’s positioning ahead of Dangote Cement, becoming the most capitalised company on the NSE just three months after its listing, as its share price increased to N138.70 from N135 on Friday.
However, this feat was short-lived as Dangote Cement saw a 0.91 per cent increase in its share price from N164.50 on Monday to N166 on Tuesday, which pushed its market capitalisation to N2.83tn, compared to MTN’s market capitalisation of N2.69tn.
In May, when MTN Nigeria listed on the NSE, the company’s market capitalisation was N1.3tn, leaving a N782bn margin between Dangote Cement.
The firm, which was the first telecommunication company to be listed on the NSE, became the second most capitalised company on the Exchange, until Monday when it overtook Dangote Cement.
At the end of trading on Tuesday, MTN was pushed back to its second position as the margin between MTN Nigeria and Dangote Cement stood at N130bn in favour of Dangote Cement.
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