Airtel Africa, a multinational telecommunications company, has surpassed Dangote Cement to become the most capitalised company listed on the Nigerian Exchange Limited (NGX).
For the first time, Airtel Africa hit an all-time high of N1,271 per share during the week with a market capital of N4.7 trillion at the end of Friday’s trading — sealing its 10 percent gain week-on-week.
With this market cap, Airtel Africa has outstripped Dangote Cement, the cement producing company owned by Aliko Dangote.
At the end of trading yesterday, Dangote’s market capitalisation stood at N4.44 trillion as its shares closed flat.
On January 5, Airtel’s share price recorded an all-time high of N1,050 after announcing the disposal of its tower assets in Tanzania.
Last November, Airtel Africa had received approval in principle to operate a payment service bank (PSB) and as a super-agent in Nigeria, expanding its business beyond the telecoms frontier.
Earlier in the week, the London Stock Exchange (LSE) announced that Airtel Africa Plc will be joining the FTSE 100 (Financial Times Stock Exchange) index.
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