By Aduragbemi Omiyale
The total value of Dangote Cement Plc shares on the Nigerian Exchange (NGX) Limited is now N10.098 trillion, Business Post reports.
The cement manufacturer is the first public-listed company to cross the N10 trillion valuation on the local stock market.
This feat was achieved on Monday, January 22, 2024, after the share price of the cement miller appreciated by 9.99 per cent or N53.80 to N592.60 per unit compared with its last closing price of N538.80 per unit.
The market capitalisation of an organisation is the total value of its shares outstanding, and this is calculated by multiplying its unit price by the total equities.
Dangote Cement has shares outstanding of 17,040,507,405 and with a closing price of N592.60 today, its valuation stood at N10.098 trillion.
This has made the firm the most capitalised on the NGX.
Dangote Cement is owned by one of Africa’s richest men, Mr Aliko Dangote, whose $20 billion refinery in Lagos commenced operations this month after it was commissioned last May.
Mr Dangote has interests in several sectors of the economy and employs thousands of workers, contributing to the development of the nation through payment of taxes.
His cement business was listed on the domestic bourse in 2010 under the industrial goods category.
Over the years, the company has paid cash rewards in dividends to shareholders.
