The market capitalisation of Dangote Cement Plc soared by N255.607 billion in 24 hours trading on the floor of the Nigerian Stock Exchange (NSE), indicating a 7.04 per cent leap.
The market capitalisation was N3.629 trillion Thursday morning at the open of trading but closed at N3.885 trillion, a 7.04 per cent or N255.607 billion gain.
Check by InsideBusiness shows that its share price also rose from N213 per share it traded on Wednesday, climbing to N228 per share on Thursday, representing N15 appreciation in the value of its shares. The industrial goods giant’s outstanding shares are put at 17,040,507,405
Further checks revealed that the company share price of N213 per share was its lowest in weeks, while it surged to N236 per share on February 2nd and 3rd 2021, with 916,511 and 383,719 volume of shares respectively on each day. During trading on these days, the market capitalisation jumped to N4. 021 trillion, an all-time high for the year.
Recall that on January 11, 2021, Dangote Cement Plc announced the completion of the first tranche of its share buy-back programme, which was announced on 21 December 2020.
According to the company, this is following the conclusion of Tranche I, the total number of residual issued and fully paid outstanding shares of DCP amounts to 17,000,307,404. Execution of this Tranche I did not have any material impact on the Company’s financial position.
Dangote Cement Plc said the Company would continue to monitor the evolving business environment and market conditions, in making decisions on further tranches of the Share Buy-Back Programme.
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