{FULL LIST} Most valuable listed companies in Nigeria as of May 2022

 The Nigerian stock market rallied in the month of May 2022, attributed to positive investor sentiment in

the equities market. The All-Share index rose by 6.75% to close the month at 52,990.23 basis points from 49,638.94 points recorded as of the previous month.

Also, the market capitalization closed the month at N28.6 trillion, indicating a N1.6 trillion increase in the month compared to N26.78 trillion as of the end of the previous month.

According to analysis carried out by Nairalytics – the research arm of Nairametrics, Airtel Africa, Dangote Cement, and MTN Nigeria led the list of companies on the Nigeria stock market with the highest market valuation.

In line with Nairametrics’ timely rankings of listed companies on the Nigerian stock market, we present the ranking of the most valuable companies on the NGX as of the end of May 2022.

Big gainers

  • Before considering the most capitalized companies on the NGX, let us take a look at the biggest gainers in the review month in terms of market capitalization and percentage increase. Telco giant and the most capitalized company in the local market, Airtel Africa gained a total of N1.43 trillion in valuation in the month of May 2022.
  • Notably, the market capitalization of Airtel increased by 27.5% from N5.21 trillion recorded as of the end of April 2022 to close the month at N6.64 trillion after its share price rallied to N1,767 per unit.
  • Also, fellow telco giant, MTN joined the list as the second highest gainer in the review month with N315.49 billion increase. MTN’s market capitalization increased from N4.37 trillion recorded as of the end of April to close the month of May 2022 at N4.68 trillion.
  • In the same vein, BUA Cement, International Breweries, and Okomu Oil made the top five list with N189.64 billion, N75.21 billion, and N64.87 billion increase in market valuation respectively.
  • On the other hand, McNichols Plc recorded the highest increase when considering the percentage change as the share price rose by 182.9% in May, bringing the total market capitalization to N647 million. Cadbury Plc followed with a 72.7% increase to stand at N13.99 billion as of the end of May 2022.
  • Others on the list include Abbey Mortgage Bank (+62.2%), Champion Brew (+56.7%), and International Breweries (+54.9%).

Top companies by market valuation

Airtel maintained its top spot, with a market capitalization of N6.64 trillion, accounting for about 23.2% of the total equities market capitalization. The company’s valuation has gained N3.05 trillion year-to-date on the back of an impressive first-quarter financial performance.

Cement giant and most capitalized manufacturing company, Dangote Cement followed with a valuation of N4.72 trillion. The company’s market capitalization dropped by 5.3% in the review month from N4.98 trillion recorded the previous month.

MTN Nigeria however, with a N315.49 billion gain in May, retained its third position in May 2022 with a market valuation of N4.68 trillion. BUA Cement, Nestle, and BUA Foods also followed with valuations at N2.51 trillion, N1.11 trillion, and N1.04 trillion respectively. The six companies make up the list known as the SWOOT (Stocks Worth Over One Trillion).

Bubbling under

  • Seplat – N758.8 billion
  • Zenith Bank – N736.2 billion
  • GT Holding – N663.7 billion
  • Nigerian Breweries – N503.9 billion


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