Dangote Cement Plc hits number one position as the biggest listed firm on the Nigerian Stock Exchange as sell-offs as it overtakes MTN on Tuesday.
On Monday, MTN Nigeria was said to have overthrew Dangote Cement by N1bn as its market capitalisation stood at N2.82tn as against Dangote Cement’s N2.81tn.
Tables turned around at the end of trading on Tuesday, the margin between MTN Nigeria and Dangote Cement stood at N130bn in favour of Dangote Cement while MTN fell back to number two on the table.
MTN’s listing on the NSE was part of negotiations with Nigerian authorities to reduce a fine of N5.3tn by the Nigerian Communications Commission for misdeeds with sim card registrations.
It listed a total of 20.35 billion ordinary shares at a listing price of N90 per share.