For specifics, the telecom company is now more valuable than the combined market capitalisations of all the 11 commercial banks and over 20 insurance companies that are listed on the Nigerian Exchange.
Note that the combined market capitalisation of all the financial services companies listed on the Nigerian bourse is currently at N4 trillion ($9.6 billion).
MTN’s high market capitalisation is all thanks to a jump in its share price. The stock is currently trading at N249 ($0.60) per share, according to checks by Business Insider Africa. Year to date, the stock price has appreciated by +54.42% according to data obtained from Financial Times.
As you should know, companies’ share prices are not constant. Therefore, the incssant fluctuations that characterise share price movements present the likelihood that MTN Nigeria’s market capitalisation could either increase further or decline in the coming days, weeks and months.
Meanwhile, based on the trajectory we’ve observed since the beginning of the year, MTN Nigeria has been competing with Dangote Cement and rival telco Airtel Africa to clinch/retain the top spot as the most capitalised company in Nigeria.
Year to date, both Airtel Africa and Dangote Cement have seen their share prices grow by +104.45% and +39.09% respectively, even as their market capitalisations are $6.9 billion and $12.06 billion, respectively.
However, out of the three companies (i.e., MTN, Airtel and Dangote Cement), only MTN and Dangote Cement generate their revenue mainly by operating in Nigeria. Airtel Africa, on the other hand, has operations in 13 other African countries besides Nigeria.