Dangote Cement Plc has made history by becoming the first Nigerian company to achieve a market capitalization milestone of N10.095 trillion. The company’s shares gained 9.99%, closing at a share price of N592.60, marking a significant accomplishment in the equities market.
In 2024, Dangote Cement has demonstrated remarkable performance, achieving a year-to-date return of 85.2%. Starting the year with a share price of N319.9, the company’s shares closed at N592.6 at the end of trading on January 22, 2024.
The company has recorded substantial capital gains, with its market capitalization appreciating from N5.451 trillion at the beginning of 2024 to the historic N10.095 trillion as of January 22, 2024.
Dangote Cement’s recent market cap places it third on the list of companies with the highest market capitalization on the Nigerian Stock Exchange (NGX). Airtel Africa and MTN Nigeria hold the top two positions with market caps of N7.09 trillion and N5.543 trillion, respectively, at the end of 2023.
However, Dangote Cement has outperformed these companies, as Airtel Africa and MTN Nigeria reported market caps of N7.52 trillion and N6.07 trillion, respectively, as of January 22, 2024.
With a market capitalization of approximately N10.095 trillion ($11.19 billion at an exchange rate of N902.45/$), Dangote Cement has secured a place among the largest companies in Africa based on market capitalization. Notably, it is the only Nigerian company among the top ten largest African companies, with the rest being South African companies.
Data tracked by Nairametrics indicates that Dangote Cement Plc now holds the fifth position among the largest companies in Africa based on market capitalization. Capitec Bank, with a market cap of $12.4 billion, currently holds the fourth position.
Dangote Cement’s historic market cap achievement reflects its robust corporate performance and solidifies its position as a key player in the Nigerian and African business landscape.