How Airtel Africa Fell From First to Fourth Place on Nigerian Bourse in Four Days

As of Monday, Airtel Africa Plc was the biggest listed company by market capitalisation in Nigeria.

But it dropped to the fourth place at the close of trading on Friday, even as its valuation remained unchanged.

On Tuesday, MTN Nigeria Communications, the country’s largest telecommunications company, regained its crown as the most valuable company on the stock exchange as its market cap surged to N9.48 trillion from N8.62 trillion on Monday. Its major rival Airtel then took the second place.

On Thursday, Dangote Cement overtook Airtel as its market value rose to N8.91 trillion from N8.59 trillion on Wednesday.

On Friday, BUA Foods displaced Airtel to become the third-most valuable company as its market cap increased to N8.7 trillion from N8.26 trillion on Thursday.

MTN’s valuation rose further to hit the N10 trillion mark for the first time, becoming the second company on the Nigerian Exchange Limited to reach that figure.

In January last year, Dangote Cement made history as the first listed company to reach a valuation of N10 trillion.