Dangote Cement Plc became the first Nigerian quoted company to cross the N10 trillion threshold in the country’s capital market.
The shares of Dangote Cement closed at N592.60, up by 9.99% from the N319.9 recorded during the previous trading session while the market capitalization peaked at N10.095 trillion.
With a year-to-date return of 85.2%, Dangote Cement has had an impressive performance on the stock market in 2024.
As of January 22, the company’s share price had increased by N4.64 trillion from N5.451 trillion to N10.095 trillion.
In 2023, Dangote Cement ranked third on the list of the companies with the highest market capitalization in the Nigerian Exchange Group (NGX) behind Airtel Africa and MTN Nigeria with market caps of N7.09 trillion and N5.543 trillion respectively.
READ ALSO: Why I am investing in Dangote cement —Otedola
However, Dangote Cement has outperformed these companies with Airtel Africa and MTN Nigeria having market capitalization of N7.52 trillion and N6.07 trillion respectively as of January 22.
With a market capitalization of N10.095 trillion ($11.19 billion; exchange rate of N902.45/$), Dangote Cement has propelled itself into the list of Africa’s largest companies based on market capitalization.
It is also the only Nigerian entity in the list of Africa’s 10 largest African companies dominated by South Africa.
By: Babajide Okeowo
The post Dangote Cement becomes first Nigerian company to hit N10tr in market capitalization appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.