Dangote Cement Achieves Historic N10 Trillion Market Cap Milestone
Dangote Cement Plc has made history by becoming the first Nigerian company to attain a market capitalization of N10.095 trillion, with its shares surging by 9.99% to close at N592.60. This remarkable achievement in the equities market reflects the company’s outstanding performance, boasting an impressive year-to-date return of 85.2%, escalating from N319.9 at the beginning of 2024 to N592.6 at the close of the latest trading session.
The company’s capital gains have also soared, witnessing a substantial increase from N5.451 trillion at the start of the year to the current N10.095 trillion as of January 22, 2024.
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- Market Leadership: At the conclusion of 2023, Dangote Cement ranked third in market capitalization on the NGX, trailing Airtel Africa and MTN Nigeria. However, it has since outperformed these competitors, surpassing Airtel Africa and MTN Nigeria with market caps of N7.52 trillion and N6.07 trillion, respectively, as of January 22, 2024.
- African Market Dominance: With a market capitalization of approximately N10.095 trillion (equivalent to $11.19 billion at an exchange rate of N902.45/$), Dangote Cement has secured a spot among the largest companies in Africa based on market capitalization. Notably, it stands as the sole Nigerian company within the top ten, with the rest being South African entities.
- Global Ranking: According to data tracked by Nairametrics, Dangote Cement Plc holds the fifth position among the largest companies in Africa by market cap, trailing Capitec Bank, which boasts a market cap of $12.4 billion.
Otedola’s Impact: Nairametrics first reported billionaire Femi Otedola’s acquisition of Dangote Cement shares, confirming his confidence in the company’s potential to generate foreign exchange for Nigeria and his commitment to supporting businesses contributing to the nation’s economic resilience. In a press release, Otedola emphasized his strategic investment as a testament to his belief in Dangote Cement’s positive economic impact.