Dangote Cement Plc achieved a significant milestone today as its shares soared by 9.99%, closing at N592.60 per share and propelling its market capitalization to a historic N10.095 trillion. This accomplishment makes Dangote Cement the first Nigerian company to breach the N10 trillion market cap threshold.
In 2024, Dangote Cement showcased an outstanding performance in the equities market, boasting a remarkable year-to-date return of 85.2%. Starting the year at N319.9 per share, the company’s shares closed at N592.6 after today’s trading session, resulting in capital gains of N4.644 trillion.
Key Points:
- At the close of 2023, Dangote Cement held third in the list of companies with the highest market capitalization on the NGX, trailing behind Airtel Africa and MTN Nigeria. However, as of January 22, 2024, Dangote Cement has surpassed both, with Airtel Africa and MTN Nigeria having market caps of N7.52 trillion and N6.07 trillion, respectively.
- With a market cap of approximately N10.095 trillion ($11.19 billion, based on an exchange rate of N902.45/$), Dangote Cement now stands among the largest companies in Africa by market capitalization. It is the sole Nigerian representative in the top ten, with the rest being South African companies.
- According to data from Nairametrics, Dangote Cement Plc ranks as the fifth-largest company in Africa by market cap, trailing behind Capitec Bank, which boasts a market cap of $12.4 billion.
EntrepreneurNG initially reported the billionaire’s share acquisition in Dangote Cement based on reliable sources. Confirming the news in a press release, Femi Otedola stated that his investment underscores his confidence in Dangote Cement’s ability to generate foreign exchange for the country and his dedication to supporting businesses contributing to Nigeria’s economic resilience.
