Dangote Cement Gains N1.18trn as Share Price Soars by 16.5%
Dangote Cement Plc’s market value increased by N1.181 trillion in the equity market as the company’s share price soared by 16.5% in an all-week rally. The cement industry leader attracted investors attention throughout holiday-shortened trading sessions that lasted for four days last week.
Reflecting improved macro indicators and expectations of further economic growth, investors are anticipating earnings growth for the second quarter of the year. Dangote Cement Plc is expected to release first half earnings results in the coming days.
Data from the Nigerian Exchange revealed that Dangote Cement Plc’s share price increased to N495 after 2.265 million units valued at N1.095 billion were traded in the local bourse.
Reflecting an improved sentiment, transactions on Dangote Cement Plc shares picked up, with buy-side actors having the upper hand across four trading sessions. Dangote Cement Plc ranked among Nigerian Exchange market movers, and the cement stock has low volatility, but when it moves, the local bourse is either dragged down or upward.
Trading details in the equity market now showed that Dangote Cement is trading at a 16% discount to its 52-week high. The company’s share price had reached N591.1 before the previous selloffs brought it down to N425—from where it picked up to N495.
At the close of the trading session, Dangote Cement Plc.’s 16.873 billion shares outstanding in the local bourse were valued at N8.352 trillion. #Dangote Cement Gains N1.18trn as Share Price Soars by 16.5% FirstHoldco Jumps on Significant Off-market Block Trade
