SWOOTs, an acronym for Stocks Worth Over One Trillion, represent stocks with a market valuation of at least N1 trillion. This elite group includes notable companies such as Airtel Africa and MTN Nigeria, among others. In recent market activity, the combined market capitalization of SWOOTs experienced a slight dip.
Market Capitalization of SWOOTs
At the close of the trading week, the combined market capitalization of SWOOTs depreciated by -0.19%, amounting to N19.859 trillion compared to the previous week's N18.898 trillion. This decline reflects a loss of N38.32 billion. However, amidst this fluctuation, the performance of individual stocks paints a more intriguing picture.
•MTN Nigeria Plc
MTN Nigeria Plc, the telecom giant, witnessed a marginal appreciation in its share price by 0.04% since the previous week, reaching N250.00 per share. Maintaining its status as the most valued company at NGX, MTN's market capitalization rose to an impressive N5.08 trillion. In its unaudited financial report for Q1 2023, MTN showcased a remarkable 20.6% revenue growth, recording N568.14 billion compared to N470.98 billion in Q1 2022. The Profit After Tax also experienced a notable increase of 4.6%, reaching N101.30 billion from N96.82 billion in the corresponding period.
•BUA Cement Plc
BUA Cement Plc, on the other hand, witnessed an unchanged share price at N92 per share. With a market capitalization of N3.11 trillion, BUA Cement's unaudited financial report for Q1 2023 revealed a 9.65% growth in revenue, totaling N106.35 billion compared to N96.99 billion in 2021. However, profit after tax for the same period experienced a decline of -19.1%, reaching N26.80 billion from N33.14 billion in the corresponding period. The Earnings Per Share (EPS) also fell by -19.39%, from N0.98 to N0.79.
•BUA Foods Plc
Meanwhile, BUA Foods Plc saw no change in its share price, which remained steady at N129.9 per share. Similarly, the company's market capitalization stood at N2.34 trillion. The unaudited financial statement for Q1 2023 revealed an impressive revenue growth of 60.2%, reaching N144.32 billion compared to N90.06 billion recorded in Q1 2022. Additionally, the Profit After Tax for the period rose by a remarkable 77.1% to N40.47 billion from N22.84 billion in Q1 2022. The Earnings Per Share (EPS) also experienced substantial growth, reaching N2.25, a 77% increase compared to Q1 2022.
•Airtel Africa Plc
Airtel Africa Plc emerged as a noteworthy performer, with its share price gaining 1.79% since the previous week, closing at N1196 per share. The market capitalization of Airtel Africa appreciated to a staggering N4.49 trillion. The audited financial report revealed that Airtel Africa generated a sum of N980 billion ($2.128 billion) in service revenue for the financial year ending March 31, 2023. This represents an impressive 20.3% growth year-on-year, surpassing the N864.9 billion ($1.878 billion) recorded in the corresponding period last year.
•Dangote Cement Plc
In contrast, Dangote Cement Plc experienced a decline in its share price by -2.41% since the previous week, closing at N283 per share. Despite this, the company remains the most capitalized cement producer on the NGX, with a total market capitalization of N4.82 trillion. The unaudited Q1 2023 financial results revealed a marginal loss in revenue of -N6.46 billion (1.56%), totaling N406.72 billion compared to N413.18 billion in Q1 2022. On a positive note, the Profit After Tax for the period slightly increased by N3.65 billion (1.56%), reaching N109.50 billion from N105.85 billion in Q1 2022.
In summary, it is crucial to note that the NGX All-Share Index and Market Capitalization both appreciated by 0.20%, closing the week at 55,930.97 and N30.455 trillion, respectively. The SWOOTs, with their combined market valuation of N19.859 trillion, constitute over 60% of the entire NGX, exerting a strong influence on the growth and performance of the exchange.