Dangote Cement, BUA Cement, BUA Foods, and Nestle Nigeria led the list of most valuable manufacturing companies in Nigeria, following impressive market performance in the month of January 2022.
The likes of Dangote and BUA Cement maintained their spot as the most capitalized manufacturing firms while newcomer, BUA Foods displaced Nestle to seat in third position after just one month of listing on the Nigerian Stock market, hereby joining the elite list of Stocks Worth Over One Trillion (SWOOT).
The Stock market closed on a positive note in the review month as the All-Share index rallied 9.15% in January, closing at 46,624.67 points while the market capitalization closed at N25.1 trillion. The NGX Industrial goods index rose by 3.39% in January to close at 2,076.32. However, the consumer goods index recorded a 2.48% decline in the review month.
The aggregate market capitalization of the 30 companies under consideration, comprising of consumer and industrial goods companies increased by N592.6 billion to close at N10.8 trillion
In line with Nairametrics’ timely rankings of listed companies on the Nigerian stock market, we present the ranking of the most valuable manufacturing companies on the NGX as of the end of January 2022. You can read the first series on the banking sector here . Top companies by market valuation
Dangote Cement, maintained the top spot with a market value of N4.44 trillion, having gained N61.3 billion in the month under review compared to N4.38 trillion recorded as of the previous month. Fellow industry giant, BUA Cement followed with a valuation of N2.4 trillion. BUA Cement gained 5.5% in the review month from N2.27 trillion recorded as of December.
Similarly, newly listed consumer goods company, BUA Foods displaced Nestle Nigeria in third position with a market capitalization of N1.16 trillion. The company, which listed on the NGX on the 5th of January 2022, rallied 61% in just less than a month after listing, gaining N439.2 billion in its first month.
The surge in the market value of BUA Foods has been attributed by analysts to the tight liquidity in the company’s shareholding structure, with Abdulsamad Rabiu and his son owning about 99.8% of the listed shares of the company. This implies very little floating shares available to the public, hence any change in demand will significantly affect the price of the stock.
Nestle Nigeria dropped by one spot to stand in fourth position with valuation at N1.14 trillion as of […]
