Dangote Cement Becomes First Nigerian Company To Reach N10 trillion market

Dangote Cement Plc has made it into the list of the largest companies in Africa based on market capitalization with a market cap of about N10.095 trillion ($11.19 billion; exchange rate of N902.45/$).

NATIONAL ECONOMY reports that Dangote Cement shares gained 9.99% yesterday to close with a share price of N592.60, thus making the company became the first and only Nigerian company to be among the top ten largest African companies based on market cap,with the rest being South African companies.

According to a reliable source, 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, outperforming Airtel Africa and MTN Nigeria having market caps of N7.52 trillion and N6.07 trillion respectively as of January 22, 2024.

Dangote Cement 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 yesterday.

The company 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