Dangote Cement Surges as Investors Re-Enter Positions
Dangote Cement has started regaining momentum in the equities market ahead of the group earnings release. Investors started increasing their respective positions in the cement company’s stock after sell pressure that plunged its share price to N394.
Investors sentiment picked up as Meristem Securities Limited projected 69% upside potential. Analysts raised the target price to N667.16 per share. The cement company’s dividend yield for 2024 is estimated at 7.61%, slightly below the 5-year average.
According to data from the Nigerian Exchange, Dangote Cement Plc surged to N431 per share as investors traded more than 1.19 million shares valued at N481 million in the market.
Hence, the cement company’s stock market value jerked up to N7.344 trillion at the close of the trading session, up by about 4% on Wednesday ahead of the earnings release.
In a two-day successive rally, Dangote Cement Plc has gained about 9.4%, pushing the market value of its 17.040 billion shares outstanding to N7.344 trillion on Wednesday.
Analysts anticipate a further rebound when the cement company releases its earnings scorecard for financial year 2024. #Dangote Cement Surges as Investors Re-Enter Positions CBN Opens FX Window for BDC to Stock up at NFEM Rate
