Breaking: Dangote Cement becomes first Nigerian company to reach N10 trillion market cap

Dangote Cement Plc shares gained 9.99% today to close with a share price of N592.60, thus reaching a market cap of N10.095 trillion, becoming the first Nigerian company to hit the historic milestone.  

In 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 today.

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.  

What you should know

At the end of 2023, Dangote Cement ranked third on the list of the companies with the highest market capitalization in the NGX, behind Airtel Africa and MTN Nigeria with market caps of N7.09 trillion and N5.543 trillion respectively.  

• However, the company has outperformed these companies, with Airtel Africa and MTN Nigeria having market caps of N7.52 trillion and N6.07 trillion respectively as of January 22, 2024.
• With a market capitalization of about N10.095 trillion ($11.19 billion; exchange rate of N902.45/$), Dangote Cement has propelled itself into the list of the largest companies in Africa based on market capitalization.
• It is also the only Nigerian company among the top ten largest African companies based on market cap, with the rest being South African companies.

According to data tracked by Nairametrics, 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.  

Otedola’s impact

CITYNEWS NIGERIA first broke the news that the billionaire was buying shares of Dangote Cement according to reliable sources who informed CN.

• The billionaire confirmed this in a press release earlier on Monday stating that his acquisition of the shares of the company underscores his “confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience.”