Dangote Cement now the most valuable stock in Nigeria with N11.1 trillion capitalization
Dangote Cement, one of Nigeria’s leading cement manufacturers, has experienced significant growth in its market capitalization and share price on the Nigerian Stock Exchange (NGX). As of Tuesday, its market capitalization reached N11.107 trillion, accounting for approximately 20.6% of the entire equity market on the NGX. This demonstrates the company’s strong position and influence within the Nigerian stock market.
The company’s shares closed at N651 per share on Tuesday, marking a notable 10% increase from its previous closing price of N592.60 on Monday. This surge in share price reflects investor confidence and positive market sentiment towards Dangote Cement.
Dangote Cement’s share price has experienced an impressive surge of 104% since the beginning of the year, starting at N319.90. This makes it the second-best performing stock on the NGX in terms of year-to-date performance. The company’s strong financial performance and growth prospects have attracted investors, leading to the significant increase in its share price.
Earlier this month, Dangote Cement surpassed Airtel Africa to become the most valuable stock on the NGX. This achievement further solidifies the company’s position as a leading player in the Nigerian stock market.
In terms of trading activity, Dangote Cement has been the 78th most traded stock on the Nigerian Stock Exchange over the past three months, from October 24, 2023, to January 23, 2023. During this period, it recorded a total trading volume of 46.4 million shares, valued at N17.8 billion, across 7,360 deals. On average, approximately 736,993 shares have been traded per session. The highest trading volume of 16.5 million shares was achieved on December 1st, while the lowest volume of 10,446 shares occurred on November 24th within the same period.
Overall, Dangote Cement’s impressive market capitalization, share price growth, and trading activity on the Nigerian Stock Exchange highlight its strong performance and investor confidence in the company.
