Dangote Cement Jumps 54% to N9.2Trillion on Volume Purchases
Following a strong share volume purchase, the market capitalisation of Dangote Cement Plc (Ticker: DANGCEM) hits an all-time high amidst the ongoing boom in the stock market – leading the stock market performer category.
Last week Friday, a leading member of the cement oligarch reclaimed its heavyweight belt – from Airtel without immediate risk of losing it to MTN Nigeria Plc- as the most valuable rank among listed companies in the Nigerian market.
According to data from the Nigerian Exchange, the cement company rose by about 54% in 5 days to N9.2 trillion on Friday. The cement company’s market value is now way above Airtel Africa which was valued at N7.5 trillion.
The thing is, the cement giant was among the listed companies that recorded an unusual trade volume that pushed the share high throughout the sessions on the Nigerian Exchange last week. This buying momentum which lasted for five days pushed the cement company’s share price to N538.8, according to market data obtained from the local bourse.
Details showed that Ticker: DANGCEM opened the week at N350. Dangote Cement’s shares outstanding remained at 17.040 billion after its series of share buyback programmes. In its latest regulatory filing, the management announced a close period, saying no Insider may deal in the Company’s securities during the period.
Dangote Cement told the Nigerian Exchange Limited and all stakeholders that a meeting of its Board of Directors will be held on February 23, 2024, to discuss various matters, including the Audited Financial Statements for the Period ended December 31, 2023.
The management said in the regulatory filing that the company’s closed period has been ongoing since April 1, 2023.
The company expects to continue its closed period even after the publication of the Audited Financial Statements until 24 hours after the price-sensitive information on an ongoing project is published on the Nigerian Exchange. #Dangote Cement Jumps 54% to N9.2Trillion on Volume Purchases Naira Steadies as Banks Issue Update on FX Purchase