Dangote Cement Boosts Shareholders’ Value, Gains 15%

Dangote Cement Boosts Shareholders’ Value, Gains 15%

Dangote Cement Plc gained 15% week on week as shareholders stepped up buying actions on the Nigerian Exchange (NGX) trading platform as sentiment improved.

In the absence of a new regulatory disclosure posted on NGX, stockbrokers said nothing fundamentally changed, saying the swing was driven by investors’ sentiment over the company’s earnings outlook.

The cement company share price closed at N614.90 on Friday’s close as 234,469 units valued at about N147 million were traded in the local bourse.

With the steep positive price movement, the market value of Dangote Cement Plc’s 16.873 billion outstanding shares inched higher by 15% to N10.375 trillion.

At the current market value, Dangote Cement is trading at less than 8% below its highest valuation reached in 52 weeks in the local bourse. 

The Nigerian Exchange All-Share Index (ASI) ended the week on a positive note, closing at 147,040.26 Index points. This marks a gain of +3,519.76 basis points from the previous week’s close of 143,520.50 index points FCMB Bolsters Earnings, Net Profit Grows by 52% to N125bn