The market capitalisation of Dangote Cement Plc reached an all time high of N13trillion on Monday as the stock continued its rally on the Nigerian Exchange Limited (NGX).
The largest cement maker achieved this feat after investors interest pushed the price to new high of N763, up by N68.90 or 9.93 percent as against preceding day’s N694.10. Dangote Cement has 17,040,507,405 shares outstanding, each valued at N763 as at close of trading on Monday.
Nigerian billionaire Femi Otedola recently confirmed his investment in Dangote Cement, noting the company’s effort for long-term wealth preservation and ensuring shareholders reap the ultimate benefits of the company’s success.
The stock market rose by 2.22 percent or N1.244trillion on Monday January 29 as Dangote Cement Plc led the league of other top advancers that pushed the NGX All Share Index (ASI) higher.
Other top advancers are Berger Paints which rose from N15.80 to N17.35, after rising by N1.55 or 9.81percent; and Oando which rose from N12.55 to N13.80, up by N1.25 or 9.96percent.
“We expect the market to sustain its positive momentum this week, hinged on buying activities across sectors. We also envisage increased activity levels as investors react to more corporate earnings releases,” said research analysts at Lagos-based Meristem.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation rose preceding trading day’s 102,401.88 points and N56.038 trillion respectively to 104,674.67 points and N57.282trillion.
The market’s year-to-date (YtD) return stood at +39.99 percent at the close of trading. Leading the pack of 155-member listed companies returns this year are stocks like Dangote Cement, Wema Bank and Transcorp.
Dangote Cement Up 138.5% year-to-date
Transcorp has risen this year by 84.6percent, Wema (+92.3percent), and Dangote Cement (+138.5 percent).
In 15,887 deals, investors exchanged 689,928,236 shares valued at N25.937billion. Japaul Gold, Transcorp, Zenith Bank, Access Corporation and GTCO were most actively traded stocks.
“We expect positive investors’ sentiments to dominate the local equities market as the FY-2023 earning season comes to full swing. This will essentially be subject to the financial performance of listed corporates in FY-2023.
“We strongly anticipate impressive outings among banks given the impact of the Foreign Exchange (FX) revaluation gains and elevated interest rate environment in 2023. Thus, we expect an increased appetite among investors for corporates in the financial services sector, particularly the Banks,” said United Capital research analysts in their recent note.
