On Monday, Dangote Cement Plc experienced a 9.99% increase in its shares, concluding the day with a closing share price of N592.60. This surge propelled the company’s market capitalization to N10.095 trillion, making it the first Nigerian company to achieve this significant milestone.
In 2024, Dangote Cement exhibited outstanding performance in the stock market, achieving an impressive year-to-date return of 85.2%. The company’s share price, which commenced at N319.9 at the beginning of the year, rose to N592.6 by the end of Monday’s trading, as reported by Nairametrics.
The company 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.
It is worth noting that at the end of the year 2023, Dangote Cement ranked third on the list of the companies with the highest market capitalization in the Nigeria Stock Exchange, NGX, behind Airtel Africa and MTN Nigeria with market caps of N7.09 trillion and N5.543 trillion respectively.
However, the company has outperformed these companies, with Airtel Africa and MTN Nigeria having market caps of N7.52 trillion and N6.07 trillion respectively as of January 22, 2024.
With a market capitalization 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 capitalization.
It is also the only Nigerian company among the top ten largest African companies based on market cap, with the rest being South African companies.
According to data tracked by Nairametrics, Dangote Cement Plc is the fifth largest company in Africa based on market cap, behind Capitec Bank which has a market cap of $12.4 billion.
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