ICT sector ranked as the most capitalized sector on the Nigerian Exchange with N11.74 trillion

Credit: www.telecomservice

The Information Communication and Technology (ICT) sector ranked as the most capitalized sector on the Nigerian Exchange (NGX) as of the month of August, with N11.74 trillion aggregate market capitalization. This is according to data by Nairametrics.

The sector gained N4.12 trillion in the first eight months of the year to shore at N11.74 trillion, an increase from N7.62 trillion recorded as of the end of December 2022. The sector comprises of ten listed companies, although only two of them are household names, as they are the biggest telcos in the country – MTN Nigeria and Airtel Africa.

The significant gain recorded by the sector is largely due to the N4.08 trillion gain in the market valuation of Airtel Africa, having overtaken the likes of Dangote Cement and MTN Nigerian in January 2022 to become the largest company listed on the stock market.

Airtel maintained the position as the most valuable company listed in the local bourse with a market capitalization of N7.7 trillion, gaining over N4.08 trillion between January and August 2022, bringing the total stock market value to over N26 trillion.

Of the 13 sectors in the Nigerian stock market, only four of them are valued above N1 trillion. The sectors are ICT, Industrial goods, Consumer goods, and banking.

The ICT sector ranks as the most valuable sector in the Nigerian stock market with a valuation of N11.74 trillion, representing an increase of N4.12 trillion year-to-date. The sector has Airtel and MTN Nigeria as the predominant players listed under this category.

Airtel Africa, which is the most capitalized company on the NGX with a valuation of N7.77 trillion, is worth more than the other nine companies in the sectors combined. It is interesting to add that two of the three most capitalized companies in the market are telecommunication (ICT) companies.

The reference sector accounts for 44.2% of the total equities market capitalization. Other companies in the ICT sector include E-transact, CWG, Courteville, Chams, Omatek, Tripple Gee, NCR, and Briclinks Africa.

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