January 22, (THEWILL) – Dangote Cement reached N10tn market capitalisation at the close of business on Monday.
At the end of trading on Monday, the company’s shares gained 9.99% with a share price of N592.60, thus reaching a market cap of N10.095 trillion, becoming the first Nigerian company to hit the historic milestone.
The company has recorded a remarkable performance in the equities market, with a year-to-date return of 85.2%, moving from a share price of N319.9 at the start of 2024 to N592.6 at the close of trading today.
It has also recorded capital gains of N4.644 trillion, as its share price appreciated from N5.451 trillion at the start of 2024 to N10.095 trillion, as of January 22, 2024.
In 2023, Dangote Cement ranked third on the list of the companies with the highest market capitalisation in the NGX, behind Airtel Africa and MTN Nigeria with market caps of N7.09 trillion and N5.543 trillion respectively.
Earlier this month, it displaced Airtel Africa as the most capitalised stock on the local stock exchange
With a market capitalisation 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 capitalisation.
It is the only Nigerian company among the top ten largest African companies based on market cap, with the rest being South African companies.
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