At the conclusion of business on Monday, Dangote Cement’s market capitalisation reached N10 trillion, making it the first company on the Nigerian Exchange to reach that milestone.
It gained N917 billion and ended trading with a market capitalisation of N10.098 trillion.
It replaced Airtel Africa as the most capitalised stock on the local exchange this month. Investors in Dangote Cement’s stocks had seen an increase in wealth of 85.25% in capital gains. At Monday’s close of business, the share price was N592.60 per unit.
The business closed in 2023 with a N5.451 trillion market capitalisation.
According to a PUNCH report, since the Dangote Petrochemical Refinery started producing, stockholders in Dangote Group firms’ equities have earned more than 1.2 trillion dollars during the first two trading sessions this week.
Among the companies on the list are NASCON Allied Industries Plc, Dangote Cement Plc, and Dangote Sugar Refinery Plc. The latter two are currently merging with Dangote Rice Limited.
Together with the potential offering of Dangote Foods (the product of the Dangote firms’ merger) and NNPC Limited, the listing of Dangote Refinery was one of several analysts’ predictions for this year.
In his remarks, Dangote called the refinery’s start of operations “a game changer” and “an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects.”
In November, the conglomerate’s billionaire owner disclosed his intention to list his $20 billion Dangote Petrochemical Refinery on the NGX.
