Zenith Bank is the latest company to join the Shares Worth Over Trillion (SWOOT) group as the market capitalization reached N1 trillion during the week. Major shareholders in this category are Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods, BUA Cement, and Zenith Bank. Its share price gained 3.23% from last week to close at 32 naira per share, taking its market capitalization to more than one trillion to close at 1,004 trillion naira. At the close of market activity for the week, the combined value of SWOTs is now 21.56 billion naira from 20.617 billion naira last week. Shares of BUA Cement, Dangote Cement and Zenith Bank all gained, Airtel and MTN closed negative while BUA Foods was unchanged last week. SWOOTs represent 66.7% of NGX Equity's entire market capitalization and thus influence the direction and performance of the stock market. Zenith Bank is the latest company to join the Stocks Worth Over Trillion (SWOOT) special group as it has a market value of over N1 trillion. Its share price gained 3.23% from a week ago to close at N32 per share. Market capitalization increased by 31.39 billion naira to almost 1.004 trillion naira. Zenith Bank's stock has risen 48% over the past year and is one of the best performers in the banking index.
Zenith Bank is the only financial institution in the current SWOOT group. The share price of BUA Foods Plc was unchanged from last week and closed at N135.75 per share. Similarly, the gross profit stood at 2.44 trillion naira. A summary of the performance of each product is reviewed below. In its unaudited financial statement released for the first quarter of 2023, revenue rose by 60.2% to N144.32 billion from N90.06 billion recorded in the first quarter of 2022. Profit after tax for the period increased by 77.1% to N40.47 billion from N22.84 billion recorded in the first quarter of 2022. Earnings per share (EPS) rose to N2.25, an increase of 77% recorded in the first quarter of 2022. The share price of BUA Cement Plc gained 4.65% from last week to close at N90 per share. Its market value has risen to 3.05 billion naira. The company's unaudited financial report for the first quarter of 2023 showed revenue of N106.35 billion, representing a growth of 9.65% from N96.99 billion in 2021. Meanwhile, Q1 2023 profit after tax -19.1% to N26.80 billion from N33.14 billion recorded in the corresponding period. Earnings per share (EPS) fell -19.39% from N0.98 to N0.79. The share price of Dangote Cement Plc gained 1.23% from last week to close at N287.5 per share. The company, which is the largest cement producer in NGX, has a total market capitalization of N4.90 trillion.
The unaudited financial results for the first quarter of 2023 showed a net loss of -6.46 billion naira (1.56%) to 406.72 billion naira from 413.18 billion naira in the first quarter of 2022. Meanwhile, profit after tax for the period slightly increased from N3.65 billion (1.56%) to N109.50 billion from N105.85 billion in the first quarter of 2022. Airtel Africa Plc shares fell -1.72 % from last week to close at 1,266 naira. 8 per share. Its market value fell by N83.43 billion to close at N4.76 trillion. According to its audited financial report, Airtel Africa earned 980 billion naira ($2.128 billion) from its operations for the financial year ending March 31, 2023. This represents a 20.3% year-on-year growth from the 864.9 billion naira ($1.878) recorded in the same period last year. The share price of MTN Plc is down -3.10% from last week and closed at N265.50 per share. The telecom giant maintains its position as the most valuable company on the NGX, with its market value down to 5.404 trillion naira, a loss of 173.01 billion naira compared to last week. In its unaudited financial report for the first quarter of 2023, MTN recorded a revenue increase of 20.6% to 568.14 billion naira, compared to 470.98 billion naira in the first quarter of 2022. Profit after tax increased by 4.6% to 101.30 billion naira from 96.82 billion naira recorded in the first quarter of 2022. The NGX All-Share Index and the main market rose 0.34% to close the week at 59,206.63 and 32,237 billion naira respectively. SWOOTs with a combined market value of N21.56 trillion make up 66% of the entire NGX, thus influencing whether the exchange will grow or not.
