Nigeria's cement stocks post combined gain of $4.7bn in H1 2024
TLDR
- Three Nigerian cement companies, Dangote Cement, BUA Cement, and Lafarge Africa, collectively gained N7.344 trillion ($4.7 billion) in market capitalization by the first half of 2024.
- Dangote Cement notably accounted for the majority of this increase, adding N5.739 trillion, despite challenges like inflation and security issues.
- Overall, the market cap of the companies surged to N16.587 trillion by the end of June 28, 2024, showing a remarkable growth of 79.45% during this period.
Three publicly traded cement companies listed on the Lagos-based Nigerian Exchange (NGX) achieved a combined gain of N7.344 trillion ($4.7 billion) by the end of the first half of 2024, according to data reported by Nairametrics.
The companies, Dangote Cement, BUA Cement, and Lafarge Africa, saw their market capitalization grow to N16.587 trillion at the close of trading on June 28, 2024, up from an opening figure of N9.243 trillion. This represents a growth of 79.45%, or N7.344 trillion.
Leading this impressive performance, Dangote Cement gained around N5.739 trillion despite facing significant economic challenges such as elevated inflation, a depreciating exchange rate, and ongoing security concerns.
Key Takeaways
The prevailing optimism in the Nigerian equities market culminated in the All-Share Index closing the half year at 100,057.49 index points. The year-to-date (YTD) return of the NGX All-Share Index stands at an impressive 33.81%, showcasing its resilience despite recent bearish trends in Q2 of the year. Investor confidence has remained remarkably steadfast, even against the backdrop of escalating inflation, prospective interest rate adjustments, and volatile exchange rates. This unwavering assurance has spurred heightened market activity and intensified buying engagements, reflecting robust participation in the Nigerian equities market.
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