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Econet Now Among Top 30 African Firms

Zimbabwean telecommunications firm, Econet Wireless has made it into the Top 30 listed African firms by market capitalisation excluding South Africa (SA), replacing Nigerian Breweries, a founding Top 30 member, a report by the Hartland-Peel Africa Equity Research has shown.

The report is an update as of March 2022 and covers the Top 30 companies in Sub-Sahara Africa excluding SA by market capitalisation.

Econet capitalisation reached US$ 916 million and ranked number 29 on the list.

To establish the value of Econet, the survey used the June 2020 Old Mutual FX rate adjusted for monthly inflation, the report said.

Sub-Saharan Africa excluding South Africa’s stock markets fell 1.5 percent in March 2022 but are up 3.2 percent year to date.

The market cap of the Top 30 companies for February 2022 was US$117billion, up 0.1 percent on February.

Internationally listed stocks account for 44 percent of the Top 30 and Telecoms & Technology for 56 percent.

Making the Top 5 companies was South Africa’s MTN Group which is also listed in Nigeria with a market capitalisation of US$ 24.501 million, then Kenya’s Safaricom with a capitalisation of US$ 11.898 million. Dangote Cement is third valued at US$ 11.210 million.

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