Dangote cement’s share price gained 53.9% last week. The stock sold at N350 per share. By the close of business on Monday, it reached N592
The market capitalisation of Dangote Cement hit N10tn at the close of trading on Monday, emerging as the first company to achieve that milestone on the Nigerian Exchange.
It closed trading with a N10.098 trillion market cap on Monday.
The Dangote stock displaced Airtel Africa as the most capitalised stock on the local bourse.
According to a stock analyst, Abidemi Oyewole, the Dangote cement’s share price gained 53.9% last week. The stock sold at N350 per share. By the close of business on Monday, it reached N592, thus position to become the first company to achieve a N10 trillion market capitalization.
READ ALSO: Heirs Energies documents significant milestones on third anniversary
As of September 2023, the 10 most capitalized stock in the NGX are; 1 Dangote Cement(Industrial goods) – N5.79 trillion, 2. MTN Nigeria (ICT) – N5.54 trillion, 3. Airtel Africa (ICT) – N4.85 trillion , 4. BUA Foods (Consumer goods) – N3.65 trillion, 5. BUA Cement (Industrial goods) – N2.89 trillion, 6. Seplat (Oil & gas) – N1.08 trillion, 7. GT Holdings (Banking) – N1.01 trillion, 8. Stanbic IBTC (Banking) – N1.01 trillion, 9. Zenith Bank (Banking) – N987.42 billion, 10. Geregu Power (Energy) – N848.75 billion
The company is a subsidiary of Dangote Industries Limited and it’s mainly involved in the manufacturing, preparation, and distribution of cement and related products in Nigeria and across Africa.