Dangote Cement factoryDangote Cement Plc shares has become the first Nigerian company to reach a market cap of N10.095 trillion as its stock experienced an 85.2 percent increase in 2024.
This surge follows billionaire investor Femi Otedola’s significant acquisition of shares in Dangote Cement, stressing the company’s potential.
As of the close of trading on Monday, Dangote Cement has 17,040,507,405 outstanding shares, each valued at N592.60.
The stock rose from the preceding day’s low of N538.80, marking a 9.99 percent increase. Other notable performers include Eterna, which rose by 9.80 percent, and Cutix, which increased by 8.89 percent.
The overall stock market showed a 1.30 percent increase, resulting in a year-to-date return of 28.08 percent.
At the end of 2023, Dangote Cement ranked third on the list of the companies with the highest market capitalization in the NGX, behind Airtel Africa and MTN Nigeria with market caps of N7.09 trillion and N5.543 trillion respectively.
However, the company has outperformed these companies, with Airtel Africa and MTN Nigeria having market caps of N7.52 trillion and N6.07 trillion respectively as of January 22, 2024.
With a market capitalization of about N10.095 trillion ($11.19 billion; exchange rate of N902.45/$), Dangote Cement has propelled itself into the list of the largest companies in Africa based on market capitalization.
It is also the only Nigerian company among the top ten largest African companies based on market cap, with the rest being South African companies.
Dangote Cement Plc is the fifth largest company in Africa based on market cap, behind Capitec Bank which has a market cap of $12.4 billion.
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