Dangote Cement, the multinational cement manufacturer, achieved a historic milestone by becoming the first company to reach a market capitalization of N10 trillion on the Nigeria Stock Exchange.
On Monday, the company’s equity capitalization soared to an unprecedented N10.098 trillion, propelled by a share price of N592. This marked an 85.6 percent increase from its opening price of N319 on the first trading day of the year. The stock continued its ascent, reaching N651.80 per share on Tuesday, experiencing the maximum daily increase of around 10 percent by noon.
Dangote Cement’s remarkable surge has played a pivotal role in the Industrial goods sector rally. CardinalStone Research, acknowledging this trend, stated in their recent Model Equity Portfolio, “The surge in Dangote Cement has led the rally in the Industrial goods sector. Considering the adage ‘Buy the rumour, sell the fact,’ we may contemplate increasing our notional holdings in Dangote Cement.”
While their earlier equity outlook for the year advised investors to buy shares of Dangote Cement and Lafarge Africa, they recommended holding onto shares of BUA Cement.
