DangCem becomes first Nigerian company to hit N10trn market cap
TLDR
- Dangote Cement Plc shares surge by 9.99%, closing at N592.60 and achieving a historic market capitalization of N10.095 trillion.
- Dangote Cement showcases outstanding performance in the equities market, with a year-to-date return of 85.2%, starting the year at N319.9 per share.
- The company's capital gains amount to N4.644 trillion, as market capitalization crosses N10 trillion as of January 22, 2024.
Dangote Cement Plc shares surged by 9.99% on Tuesday, closing at a share price of N592.60. This milestone propelled the company's market capitalization to N10.095 trillion (over $10 billion), making it the first Nigerian company to achieve this historic feat.
In 2024, Dangote Cement has shown outstanding performance in the equities market, boasting a remarkable year-to-date return of 85.2%. Starting the year at a share price of N319.9, the company's shares have appreciated significantly to reach N592.60.
The capital gains recorded during this period amount to N4.644 trillion, as the market capitalization increased from N5.451 trillion at the beginning of 2024 to cross N10 trillion as of January 22, 2024.
Key Takeaways
As of the end of 2023, Dangote Cement ranked third among companies with the highest market capitalization on the NGX, trailing Airtel Africa and MTN Nigeria. However, Dangote Cement has surpassed these companies, as Airtel Africa and MTN Nigeria had market caps of N7.52 trillion and N6.07 trillion respectively as of January 22, 2024. With a market capitalization of approximately N10.095 trillion ($11.19 billion), Dangote Cement has positioned itself among the largest companies in Africa by market capitalization. It is the only Nigerian company among the top ten, with the rest being South African firms. According to data from Nairametrics, Dangote Cement Plc is the fifth-largest company in Africa based on market cap, following Capitec Bank with a market cap of $12.4 billion.
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