Dangote Cement, Nigeria’s biggest cement maker, is on its way to becoming the first listed company on the Nigeria Exchange to hit a N10 trillion market capitalisation.
The Nigerian stock market has been bullish, with its All-Share Index posting a year-to-date return of 22 percent, the highest return globally.
An investor who bought Dangote Cement shares for N319 each at the beginning of the year would see their investment worth N1.86 million today, an 86 percent return.
With a market capitalisation of N9.93 trillion and a share price of N592.60, Dangote Cement is ahead of peers like MTN Nigeria, with a market capitalisation of N6.08 trillion and a share price of N291.
Airtel Africa has the third largest market capitalization at N5.39 trillion, with its stock selling at N2200 per unit, followed by BUA Cement at N5.03 trillion.
BUA Foods’ market capitalisation of N4.32 trillion puts it in fifth place.
Dangote Cement shares are up this year by 86 percent, a development linked to billionaire Femi Otedola buying the stock. The stock has seen a remarkable gain, opening at N317 per share this year and closing at N592 on Friday.