Dangote Sugar becomes latest company to cross N1trn market cap
TLDR
- Dangote Sugar Plc briefly reached a market capitalization of N1 trillion ($1 billion) on the Nigerian Exchange Group (NGX) on January 17, 2024.
- The company's share price rose by 1.23% to reach N82.40, but later experienced a 9.95% decline, settling at N73.30 by the close of trading.
- Dangote Sugar is the sixth company on the NGX to surpass the N1 trillion market cap level, joining other key players in the Nigerian financial and corporate landscape.
Dangote Sugar Plc briefly achieved a market capitalization exceeding N1 trillion ($1 billion) on the Nigerian Exchange Group (NGX), marking the second Aliko Dangote-owned company to reach this milestone.
At 1:30 pm WAT on January 17, 2024, the company's share price rose by 1.23% to reach N82.40, resulting in a market capitalization of N1.085 trillion. However, by the close of trading at 2:30 pm WAT, the share price experienced a 9.95% decline, settling at N73.30 and reducing the market capitalization to N890 billion.
In 2024, Dangote Sugar became the sixth company on the NGX to surpass the N1 trillion market cap level. The other companies achieving this milestone include FBN Holdings, United Bank for Africa, Access Holdings, Transcorp Hotels, and Geregu Power. This reflects the notable market dynamics and the significant valuation of these key players in the Nigerian financial and corporate landscape.
Key Takeaways
The companies under the Dangote Group listed on the NGX have collectively experienced substantial capital gains, amounting to approximately N2.49 trillion. This surge in market capitalization is attributed to the positive performance of key companies within the group, with Dangote Cement leading the way by boosting its market capitalization by N2.26 trillion. Dangote Sugar also contributed with a gain of N198 billion, and NASCON saw an increase of N33 billion. The notable rally in the stock prices of Dangote Group companies has had a significant impact on the net worth of Aliko Dangote, the President of the Dangote Group. According to the Bloomberg Billionaires Index, Dangote's net worth has climbed by about $2.02 billion in 2024 alone. For retail investors, this can be an opportunity to benefit from capital appreciation, dividend payouts, and potential future growth prospects as the companies continue to navigate and capitalize on opportunities within their respective sectors.
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