Connect with us

Business

Dangote Cement hits N11trn capitalisation, 20.6% of equity market

The market capitalization of Dangote Cement, Tuesday, hit N11.107 trillion, which makes about 20.6% of the entire Nigerian Stock Exchange equity market.

Tuesday, Dangote Cement closed trading at N651 per share on the NGX, representing an impressive 10% gain over its previous closing price of N592.60 on Monday.

Dangote Cement which began the year with a share price of N319.90 has since gained 104% on that price valuation, ranking it second on the NGX in terms of year-to-date performance.

Earlier this month, the company displaced Airtel Africa as the most valuable stock on the NGX.

Dangote Cement is the 78th most traded stock on the Nigerian Stock Exchange over the past three months, from October 24, 2023 to January 23, 2023.

It has traded a total volume of 46.4 million shares—in 7,360 deals—valued at N17.8 billion over the period, with an average of 736,993 traded shares per session. A volume high of 16.5 million was achieved on December 1st, and a low of 10,446 on November 24th, for the same period.

Recall that serial investor and chairman of Geregu Power Plc, Femi Otedola, on Monday, disclosed that his decision to spend over N6 billion to acquire shares  in Dangote Cement was motivated by long-term wealth preservation, export potential and shareholder value in the company.

Otedola, renowned for his stock-picking boldness, was one of the major drivers of the stock market’s bull run in 2023, after his interest in Transcorp.

Otedola in a statement said his investment in the cement company is a testament to his confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development

“In my investment decisions, I focus on long-term wealth preservation and ensuring shareholders are the ultimate beneficiaries of a company’s success,” he stated.

Otedola said his investment aligned with his vision of long-term wealth preservation and the belief that shareholders should be the primary beneficiaries of a company’s success.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *