South Africa’s multinational telecommunications company, MTN Group, has yet again emerged as the biggest company in Sub Saharan Africa (SSA) by market capitalisation, according to the latest monthly market report by AfricanFinaicials.
The latest report is an update as of February 2022 and covers the Top 30 companies in Sub-Sahara Africa ex SA by market capitalisation.
According to the report, MTN Group had the highest market capitalisation among other companies in the region, followed by East Africa’s largest network operator, Safaricom. Dangote Cement ranked third on the list, followed by MTN Nigeria, a subsidiary of MTN Group, and Airtel Africa.
The market capitalisation of the Top 30 companies for February 2022 was US$117bn, up 0.7% on January.
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 rose 3.1% in February 2022 and are up 4.7% year to date.