MTN Nigeria Communications Plc has overtaken Airtel Africa Plc as the most valuable company on the stock market as the latter emerged as the biggest loser at the end of trading on Tuesday.
The stock market rout in Nigeria deepened on the first trading day of the week after a two-day holiday for Easter, as N569.11 billion was wiped off the value of listed firms.
Airtel Africa became the third most valuable company as it saw its market value tumble to N4.50 trillion from N5 trillion at the end of trading last week. That compares to MTN’s market capitalisation of N4.86 trillion and Dangote Cement’s N4.60 trillion.
BusinessDay had reported last week that Nigerian stocks broke a four-month winning streak in March amid concerns over the fallout of the general election and the possible ripple effect of the turmoil in the global banking system.