Report: International Corporate Research Releases List Of Largest Companies In Nigeria By December, 2010

International Corporate Research have released what it called "Stakes 55", which it said is the list of "Largest Companies in Nigeria measured by market capitalization for the 4th quarter of 2010".

The report revealed that "following the merger between Dangote Cement and erstwhile Benue Cement Company Plc which prior to the merger was 75% owned by the Dangote Group, the new company Dangote Cement Plc is now the largest public corporation in Nigeria with a market value of N1.86trillion at the end of the 4th quarter 2010".

It said further that With this, the Stakes 55 gained 43.19% rising from N5.14trillion to N7.36trillion its highest value since inception. Market Capitalization also rose 40% on the strength of this merger that has dwarfed other major public corporations to close at N7.91trillion.

The report also claimed that at the end of the quarter, the Stakes 55 is 93.05% of the value of the 1st tier equities market improving from 91.62% the previous quarter. It reported that the 'Gold Club' of top ten most capitalized stocks rose sharply to N5.02trillion, 68.2% of the Stakes 55 and 63.46% of the total market worth.

"Banking dominance was strengthened this quarter with 3 banks returning to the list from last quarter to bring total number of banks to 20 worth N2.8trillion in value 38.04% of the Stakes 55. The arrival of Dangote Cement Plc put the Building material sector in 2nd place by industry taking up 28% of the Stakes 55 though represented by just 4 companies", the report concluded.

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