Dangote Cement Plc and BUA Cement Plc’s shares gained N400 billion in the first three days of November 2022 amidst the current stock market sell-off due to the build-up to the 2023 general elections and interest rate hikes.
The leading cement manufacturer listed on the NGX’s industrial goods sub-sector, Dangote Cement Plc, led the way with a gain of about N332 billion over the three trading days, according to Nairametrics.
On November 1, the cement stock rose 8.84% to N240 per share, up from N220.50.
BUA Cement Plc, which is also listed on the NGX in the industrial goods sub-sector, came in second with an N68 billion gain in three days trading.
The stock price of BUA Cement increased by 2.87% to N72.00 per share, up from N70 at the start of trading on November 1, 2022.
It is worth noting that the remaining cement company listed on the NGX (Lafarge Africa Plc) closed flat during the review period at N22.25 per share and a market capitalization of N358.398 billion.
Market analysts had previously advised investors that there is still money to be made if they invest in the right sectors. Analysts recommended that investors buy and hold stocks in the industrial goods sector (where cement companies are listed) for future capital gains.