Zenith Bank sets new record, crosses N1trn in market valuation

Zenith Bank has become the first commercial bank in the country to cross the N1 trillion in market valuation, joining other mega firms like Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods and BUA Cement.

It is the only bank in this exclusive group of stocks worth over one trillion as market capitalization crossed N1 trillion during the week.

The combined market capitalization of these groups, including Zenith Bank, is now valued at N21.560 trillion, accounting for 66.7 per cent of the entire NGX Equity market capitalization.

Its share price appreciated by 3.23 percent from last week to close at N32 per share. The market capitalization gained N31.39 billion to close to N1.004 trillion.

Zenith Bank shares are up 48 per cent in the last year and have been one of the best performers on the banking index.

The share price of BUA Foods Plc remains unchanged from last week to close at N135.75 per share. Similarly, the market capitalization stood at N2.44 trillion.

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In its reported unaudited financial statement for the first quarter of 2023, revenue grew by 60.2 per cent to N144.32 billion from N90.06 billion recorded in the first quarter of 2022.

BUA Cement Plc share price gained 4.65 per cent from last week as it closed at N90 per share. Its market capitalization rose to N3.05 trillion.

The company’s unaudited financial report for first quarter of 2023 revealed revenue of N106.35 billion, reflecting a growth of 9.65 per cent from N96.99 billion in 2021.

Dangote Cement Plc share price gained 1.23 per cent from last week to close at N287.5 per share.

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The company, which is the most capitalized cement producer on the NGX, has a total Market capitalization of N4.90 trillion.

The unaudited first quarter of 2023 financial result revealed a marginal loss in revenue of –N6.46 billion (1.56 per cent) to N406.72 billion from N413.18 billion in the first quarter of 2022.

Airtel Africa Plc’s share price lost -1.72 per cent from last week to close at N1266.8 per share. Its market capitalization lost N83.43 billion to close at N4.76 trillion.

READ ALSO: Zenith Bank maintains position as ‘Best Corporate Governance Financial Services’ in Africa

According to its audited financial report, Airtel Africa raked in the sum of N980 billion ($2.128 billion) from its services for the financial year ending March 31, 2023.

This represents a 20.3 per cent growth year on year compared with the N864.9 billion ($1.878 billion) recorded in the same period last year.

MTN Plc’s share price depreciated by -3.10 per cent from last week to close at N265.50 per share.

The telecom giant retains its status as the most valued company at NGX as its market capitalization declined to N5.404 trillion losing N173.01 billion from last week.

In its unaudited financial report for the first quarter of 2023, MTN had 20.6 per cent revenue growth to N568.14 billion from N470.98 billion in the first quarter of 2022.