Dangote Cement lost its crown as the most valuable company on the Nigerian Exchange to Airtel Africa on Friday, after shares of the telecom provider surged more than the $3-per-share valuation on the local bourse.
Microsoft had a market cap of nearly $2.49 trillion at market close, while Apple’s stood at about $2.46 trillion.
At market close, Airtel Africa had a market cap of N4.7 trillion, while Dangote Cement’s stood at about N4.44 trillion.
According to reports, Airtel Africa’s market capitalisation increased due to an increase in its share price after investors reacted to news that the London Stock Exchange (LSE) included Airtel Africa Plc in the FTSE 100 (Financial Times Stock Exchange) index. The index is used extensively as a basis for investment products, such as derivatives and exchange-traded funds.
Speaking on the recent milestone achievement, Segun Ogunsanya, CEO of Airtel Africa, said the company has continued to invest in infrastructure and distribution network across the countries where they operate, supporting their economies and communities.
“Sustainability is at the core of our strategy, driven by our guiding purpose of Transforming lives’ across Africa, with people, businesses and governments seeking access to more and better connectivity and improved financial inclusion,” he said.
Mittal, chairman of Bharti Airtel, stated that Airtel Africa’s inclusion in the FTSE Index, which tracks the performance of the most valuable companies on the bourse, is a significant milestone for the company.
“We are delighted that, after many years of hard work by the Airtel team, the Africa operations have had a stellar turnaround. A lot of credit goes to Raghu Mandava, an Airtel veteran who, along with his team, spent five years reshaping the strategy in Africa,” Mittal said.
At market close on Jan. 29, shares in Airtel Africa were worth N1,271 ($3.058), up 37 per cent from the previous year.
