The market capitalisation of Dangote Cement hit N10tn at the close of trading on Monday, emerging as the first company to achieve that milestone on the Nigerian Exchange.
It closed trading with a N10.098tn market cap after gaining N917bn.
This month, it displaced Airtel Africa as the most capitalised stock on the local bourse. In terms of capital gains, investors in the stocks of Dangote Cement had seen 85.25 per cent added to their wealth. Its share price at the close of trading on Monday stood at N592.60 per unit.
The company closed in 2023 with a market cap worth N5.451tn.
The PUNCH had reported that equity investors in the stocks of companies under the Dangote Group have gained over 1.2tn during the first two trading sessions of the past week following the commencement of production by the Dangote Petrochemical Refinery.
The listed companies include Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc; the latter companies are in the middle of a merger with another firm, Dangote Rice Limited.
The listing of Dangote Refinery is one that several analysts had projected for this year, seeing it as a major boost for the capital market alongside the possible listing of Dangote Foods (a result of the merger of the Dangote companies) and NNPC Limited.
Speaking on the commencement of production at the refinery, Dangote, described it as “a game changer” and “an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects.”
Meanwhile, the billionaire owner of the conglomerate in November revealed plans to list his $20bn Dangote Petrochemical Refinery on the NGX.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact:
