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Zenith Bank, GTCO lose highest market value spot to BUA Foods

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BUA Foods 18bn shares listing boosts NGX value by N720bn

The competition in the top ten most capitalised companies in Nigerian capital market has been heightened by BUA Foods, as the firm displaced Guaranty Trust Holding Company (GTCO) and Zenith Bank.

Data from Nigerian Exchange Group showed the Nigerian bourse had started 2022 with Dangote Cement, MTN Nigeria, Airtel, BUA Cement and Nestle completing the top five most valued equities.

Read also: NGX: BUA Foods, MRS among top gainers as investors gain N23bn

GTCO, Zenith Bank, Stanbic IBTC, Nigerian Breweries and Seplat completed the top ten list, but this status quo has been flipped on its head by BUA Foods within just four days of its listing.

On January 5, BUA Foods listed on the main board of the NGX, with a market valuation of N792 billion, but that figure has risen by 32.9 percent in four days to close at N1.05 trillion on January 10.

This value has made BUA Foods overtake the three largest financial bank, Zenith Bank (N795.90 billion), GTCO (N751.96 billion), Stanbic IBTC (N483.29 billion), all of which occupies the sixth, seventh and eighth position on largest capital market investment.

BUA Foods is now sixth, knocking Seplat (N391.31 billion) out of the top ten, while its bullish run also threatens the position of Nestle (N1.23 trillion) and its sister-company, BUA Cement (N2.31 trillion).

Ripples Nigeria understands that the trillionaire club list of the Nigerian bourse has also increased to six for the first time, with Dangote Cement leading the pack with N4.43 trillion, Airtel valued at N3.97 trillion, MTN Nigeria N3.77 trillion, BUA Cement N2.31 trillion, Nestle N1.23 trillion and BUA Foods N1.05 trillion.

If BUA Foods breaks into the top five most valued companies on NGX, billionaire, Abdulsamad Rabiu, will be the first businessman to have two of his companies in the top five rank.

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