MTN Nigeria overtakes Airtel Africa as NGX’s most valuable firm, hitting a ₦9.48trn ($6.18B) market cap after a 9.99% stock surge.
MTN Nigeria Communications Plc has overtaken Airtel Africa to become the most valuable listed firm on the Nigerian Exchange (NGX), following a notable rally in its share price.
₦9.48 Trillion Valuation After Share Price Jump
On Tuesday, MTN Nigeria’s stock rose by 9.99%, closing at ₦451.60 (approx. $0.29) per share. This pushed the telecom giant’s market capitalization to ₦9.48 trillion (around $6.18 billion), up from ₦8.60 trillion ($5.60 billion) the previous day.
Meanwhile:
- Airtel Africa stood at ₦8.68 trillion ($5.66 billion)
- Dangote Cement followed closely at ₦8.59 trillion ($5.59 billion)
Now 10.9% of Total Market Capitalization
With this valuation, MTN now commands 10.9% of the total capitalisation of the Nigerian Exchange, which hit ₦87.2 trillion (approx. $56.8 billion) on the same day, as per data from African Markets.
What’s Driving the Rally?
Several key factors are behind investor confidence in MTN:
- Rapid expansion in data and digital services
- Entry into mobile financial services
- Positive sentiment from Q1 2025 financial results
- Consistent dividend payments
Analysts believe MTN’s fundamentals offer long-term stability and strong earnings potential in Nigeria’s competitive telecom space.
From Loss to Profit: MTN’s Q1 2025 Turnaround
In Q1 2025, MTN posted:
- Revenue: ₦1.06 trillion ($689.6 million), up 40.5% year-on-year
- Net profit: ₦133.7 billion ($87 million)
This recovery comes after a ₦392.7 billion ($255.4 million) loss in Q1 2024. The turnaround has been credited to:
Market Legacy Since 2019 NGX Listing
MTN Nigeria, a subsidiary of South Africa’s MTN Group, listed on NGX in May 2019, becoming one of the bourse’s most influential stocks. It continues to play a critical role in the digital transformation of Nigeria and West Africa.
