Record! Dangote Cement Becomes First Nigerian Company To Reach N10 Trillion Market Cap

The shares of Dangote Cement Plc closed today at N592.60, up 9.99% from the previous trading session. With a market capitalization of N10.095 trillion, the business became the first in Nigerian history to accomplish this significant milestone.

With a year-to-date return of 85.2%, Dangote Cement has had an impressive performance on the stock market in 2024. At the close of trading today, its share price was N592.6, up from N319.9 at the beginning of the year.

Read Also: Dangote Refinery To Supply 150,000 IPMAN Stations

As of January 22, 2024, the company’s share price had increased from N5.451 trillion at the beginning of 2024 to N10.095 trillion, resulting in capital gains of N4.644 trillion.

At the end of 2023, Dangote Cement ranked third on the list of the companies with the highest market capitalization in the NGX, behind Airtel Africa and MTN Nigeria with market caps of N7.09 trillion and N5.543 trillion respectively.

However, the company has outperformed these companies, with Airtel Africa and MTN Nigeria having market caps of N7.52 trillion and N6.07 trillion respectively as of January 22, 2024.

Read Also: Why Otedola Bought Dangote Cement Shares

With a market capitalization of about N10.095 trillion ($11.19 billion; exchange rate of N902.45/$), Dangote Cement has propelled itself into the list of the largest companies in Africa based on market capitalization.

It is also the only Nigerian company among the top ten largest African companies based on market cap, with the rest being South African companies.

According to data tracked by Nairametrics, Dangote Cement Plc is the fifth largest company in Africa based on market cap, behind Capitec Bank which has a market cap of $12.4 billion.