Dangote Cement Plc shares had a significant increase of 9.99% today, closing at a share price of N592.60. The surge in value has resulted in a market capitalization of N10.095 trillion, making Dangote Cement the first Nigerian company to achieve this milestone.
Throughout 2024, Dangote Cement has demonstrated an impressive performance in the equities market, with a year-to-date return of 85.2%. Starting the year at a share price of N319.9, it has now reached N592.6 at the end of today’s trading session.
Furthermore, the company has experienced capital gains of N4.644 trillion, as its share price has appreciated from N5.451 trillion at the beginning of 2024 to N10.095 trillion as of January 22, 2024.
Dangote Cement ranked third on the NGX’s list of companies with the highest market capitalization at the end of 2023. Airtel Africa and MTN Nigeria were ahead of Dangote Cement, with market caps of N7.09 trillion and N5.543 trillion, respectively.
However, Dangote Cement has since outperformed these companies. As of January 22, 2024, Airtel Africa and MTN Nigeria had market caps of N7.52 trillion and N6.07 trillion, respectively.
Dangote Cement’s market capitalization is approximately N10.095 trillion ($11.19 billion at an exchange rate of N902.45/$). This achievement has placed Dangote Cement among the largest companies in Africa based on market capitalization.
Furthermore, Dangote Cement is the only Nigerian company in the top ten largest African companies based on market cap. The remaining companies in the list are all from South Africa.
According to data from Nairametrics, Dangote Cement Plc is the fifth largest company in Africa in terms of market capitalization. It is ranked behind Capitec Bank, which has a market capitalization of $12.4 billion.
