Dangote Cement Sees Fast, Furious Rebound after Sell Shock
Dangote Cement Plc has been launched into a fast lane in the equities market as investors ramped up its shares on the Nigerian Exchange (NGX). Stock market price uptick has been fast, furious, spanning three out out four trading sessions due to investors improved sentiment.
The cement stock has gained about N80 on each of its 17.040 billion outstanding shares in the equities market in anticipation of good earnings results for financial year 2024.
According to data obtained from the local bourse on Thursday, the cement company share price hit the maximum allowable daily gain of 10% as more than one million shares value at N485 million were traded in the market. As the transaction skewed to the buy side, its share price spiked to N474.1 on the day from N431.
The price surge lifted Dangote Cement Plc’s market value above N8 trillion ahead of its earnings release. Meristem Securities Limited recently adjusted Dangote Cement target price to N667 with 69.33% upside potential with buy recommendation.
Dangote Cement had plunged to N394 due to activities of sell side actors following its earnings challenge, spooked by devaluation of the naira devaluation. In good time, Dangote Cement share price had surged pass N686 on the Nigerian Exchange, ranked as most valuable listed company in the stock market.
Today, the market upgraded value of Dangote Cement’s 17.040 billion outstanding shares to N8.078 trillion. #Dangote Cement Sees Fast, Furious Rebound after Sell Shock Naira Dips as Nigeria’s Foreign Reserves Fall by $1.34bn
