Dangote Cement hits N10trn capitalisation, as share price soars
Dangote Cement Plc has emerged as the first Nigerian company to hit N10trillion in market capitalisation on the Nigerian Exchange.
The Cement manufacturer shares gained 9.99 percent yesterday to close with a share price of N592.60, thus reaching a market cap of N10.095 trillion.
With a year-to-date return of 85.2 percent, moving from a share price of N319.9 at the start of 2024 to N592.6 at the close of trading yesterday, the company’s shares has had an impressive run since the beginning of 2024 with experts attributing it largely to the news of the commencement of operations of the Dangote Refinery.
At the end of 2023, Dangote Cement ranked third on the list of the companies with the highest market capitalisation in the NGX, behind Airtel Africa and MTN Nigeria with market caps of N7.09 trillion and N5.543 trillion respectively.
The company has also recorded capital gains of N4.644 trillion, as its share price appreciated from N5.451 trillion at the start of 2024 to N10.095 trillion, as of January 22, 2024.
Meanwhile, Nigerian billionaire, Femi Otedola has made strategic investments by acquiring shares in Dangote Cement.
In a press release, the prominent entrepreneur and investor emphasized the strategic nature of his investment in Dangote Cement.
“Dangote Cement’s export capabilities and extensive operations across Sub-Saharan Africa are essential for regional economic integration and growth,” Otedola commented.
“My investment is a testament to my 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. Companies like Dangote Cement, which consistently deliver value to their shareholders, are fundamental for sustainable economic growth. My investment reflects my belief in its capacity to continue providing significant returns and my commitment to businesses that prioritise their shareholders.
“Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal investment choice.
“Dangote Cement’s strong corporate governance and impressive ESG compliance track record make it an ideal investment choice. It represents the type of company that not only contributes to Nigeria’s industrial strength but also aligns with my vision for ethical and sustainable business practices,” Otedola said.
