Nigeria’s Data Communication and Expertise sector led different sectors on the Nigerian Trade (NGX), pulling a N11.74 trillion combination market capitalization as on the finish of August, 2022.
Of the 13 sectors within the Nigerian inventory market, solely 4 of them are valued above N1 trillion. The sectors are ICT, Industrial items, Client items, and banking.
The sector includes ten listed firms, though solely two of them are family names, as they’re the most important telcos within the nation – MTN Nigeria and Airtel Africa.
The sector gained N4.12 trillion within the first eight months of the yr to shore at N11.74 trillion, a rise from N7.62 trillion recorded as of the top of December 2022.
The numerous acquire recorded by the sector is essentially as a result of N4.08 trillion acquire out there valuation of Airtel Africa, having overtaken the likes of Dangote Cement and MTN Nigerian in January 2022 to develop into the most important firm listed on the inventory market.
Airtel maintained the place as probably the most precious firm listed within the native bourse with a market capitalization of N7.7 trillion, gaining over N4.08 trillion between January and August 2022, bringing the overall inventory market worth to over N26 trillion.
A have a look at Nigeria’s GDP for the second quarter of 2022 signifies that the knowledge and communication sector, which includes of telecommunication, publishing, movement image, sound recording, music manufacturing, and broadcasting accounted for 18.4 per cent of the nation’s economic system, and it was largely as a result of progress of the telecommunication sector.