Dangote Cement, one of Nigeria’s leading companies, has etched its name in history, becoming the first Nigerian company to achieve a market capitalization of N10 trillion. This noteworthy milestone underscores the remarkable growth and success of the company in the capital market.
As of January 22, 2024, Dangote Cement has soared to the top of the list of the largest corporations in Nigeria by market capitalization, boasting a market value of approximately N10.095 trillion. This surpasses Airtel Africa and MTN Nigeria, with market caps of N7.52 trillion and N6.07 trillion, respectively.
According to a report by Naira Metrics, Dangote Cement’s shares experienced a 9.99% gain, closing at a share price of N592.60. This propelled the company to achieve the historic milestone of N10.095 trillion in market capitalization, making it the first Nigerian company to do so.
In 2024, Dangote Cement exhibited an outstanding performance in the equities market, boasting a remarkable year-to-date return of 85.2%. The company’s shares surged from a starting price of N319.9 at the beginning of the year 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. placing Dangote Cement ahead of other major companies, including Airtel Africa and MT Nigeria.
Dangote Cement’s achievement catapults it among the top ten largest African companies based on market capitalization, marking it as the sole Nigerian representative on the list, with the rest of the companies being South African.
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