Augustine Aminu
BUA foods have been ranked among the top 10 most valuable companies in Sub-Saharan Africa, according to the latest monthly market report by African Financials.
According to the report, after the market capitalization and buying interest in the company’s stocks drove a potential of over 3.1 percent rise in the total market cap of the top 30 SSA companies in United States’ dollar terms.
The report also reveals that BUA Foods hit the market unexpectedly in January 2022 after it debuted the stock exchange through listing by Introduction on the Main Board of the Nigerian Exchange (NGX) Limited and startled peers, as it contributed almost N800 billion (N792 billion) to the market liquidity, overtaking Nestle Nigeria’s leadership as the Unicorn in the consumer goods sector by N21.7 billion in market capitalization.
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Also, as a result of the listing, which has, however, led investors to begin weighing up the fundamentals of the company’s stock, the stock is among the top-performing stocks on the Nigerian Exchange year to date with the share price recording gains of more than 45 percent (46.4%) in four weeks since listing.
While BUA cement, one of Nigeria’s largest cement manufacturer is ranked number 6 with market capitalisation of $6.1billion, BUA foods was ranked number 10 with $2.5billion.
South Africa’s multinational telecommunications company, MTN Group, has yet again maintained its position as the biggest company in Sub Saharan Africa by market capitalisation.
The latest report prepared by Hartland-Peel is an update as of May 2022 and covers the Top 30 companies in Sub-Sahara Africa by market capitalization.
The market cap of the Top 30 companies for February 2022 was US$111bn, down 2.6% from April.
Further insights from the report also showed that Nigerian companies dominated the list as the West-African nation had 12 companies on the Top 30 companies list. The report also noted that Sub-Saharan Africa’s (excluding South Africa’s) stock markets fell 2.8% in May 2022 but are up 4.2% year to date.
