With a market value of N6.15 trillion, Dangote Cement’s stock is now the most valuable on the Nigeria Exchange Group (NGX) thanks to the enthusiastic reaction of investors to the news of its Tranche I share repurchase programme.
The price of shares of the world’s largest cement manufacturer, Dangote Cement, rose noticeably today during trade, rising by 9.27%. The company reached a stunning market capitalization of N6.15 trillion at the day’s close, closing at N360.7 per share.
Dangote Cement has now surpassed MTN Nigeria, which had the highest market capitalization at N5.66 trillion, with a market worth of N6.15 trillion.
the catalyst for the stock market surge
In recent reports, Dangote Cement Plc formally declared the start of the Tranche I share repurchase programme.
Dangote Cement plans to repurchase 168,735,593 fully paid-up ordinary shares of 50 Kobo each under the Tranche I share buyback programme. This amount equals 1% of the total shares currently issued by the firm.
The programme is scheduled to start on July 17, 2023, run for two days, and end on July 18, 2023, or as soon as the whole tranche size has been successfully bought.
Things to remember with Dangote cement
Nigerian cement maker Dangote Cement Plc is a publicly listed international company headquartered in Lagos. The business carries out a number of activities, such as the production, preparation, import, packing, and distribution of cement and associated goods inside Nigeria. In addition, Dangote Cement owns facilities or import ports in nine other African nations.
With operations in ten African countries, Dangote Cement retains the title of the biggest cement manufacturer on the continent. The business had sales that exceeded US$3.5 billion in 2022.
