Dangote Cement’s market capitalization surpassed N10 trillion at the conclusion of trade on Monday, making it the first business to reach that milestone on the Nigerian Exchange.
According to The PUNCH, it closed trading with a market capitalization of N10.098tn.
In eight months of Tinubu’s administration, Nigeria’s stock market has led the world.
Dangote Cement has had an incredible year in the stock market so far in 2024. From a share price of N319.9 at the beginning of the year to N592.6 at the close of trading on Monday, the company has returned 85.2% so far.
As of January 22, 2024, the company’s share price had increased from N5.451 trillion at the beginning of 2024 to N10.095 trillion, resulting in capital gains of N4.644 trillion.
With market values of N7.09 trillion and N5.543 trillion, respectively, Airtel Africa and MTN Nigeria had the largest market capitalizations in the NGX at the end of 2023, with Dangote Cement coming in third.
Nonetheless, the company has outpaced these companies; as of January 22, 2024, the market values of MTN Nigeria and Airtel Africa were N6.07 trillion and N7.52 trillion, respectively.
Having amassed a market value of over N10.095 trillion ($11.19 billion; at a rate of N902.45/$), Dangote Cement has vaulted to the top of the African list of biggest corporations.
In addition, it is the only Nigerian company in the top ten largest African company according to market capitalization; the other nine are South African companies.
With a market valuation of $12.4 billion, Capitec Bank is the largest company in Africa, ahead of Dangote Cement Plc, which is ranked sixth.
