By Dipo Olowookere
As the qualification date for Dangote Cement Plc draws closer, investors in the country’s stock market are mopping up the cement equity, causing the price to rise.
Some weeks ago, board of Dangote Cement proposed to pay N16 dividend to shareholders of the company and the qualification date was fixed for Monday, May 25, 2020.
In a notice released by the firm, it stated that after the qualification date, the register of members would be closed from Tuesday, May 26, while the payment would be made on June 16.
At the moment, investors are rushing to buy the stock to be able to get the cash ‘attractive’ cash reward. This is driving the price up.
Some weeks ago, the stock was selling at nearly N100 per share, but at the close of transactions on Wednesday, the price closed at N150 per unit.
Business Post reports that as at the time of filing this report on Thursday morning, at about 20 minutes before noon, Dangote Cement shares were selling for N151.30 each.
As at that time, over N65 million worth of the company’s equities have been traded in nearly half a million units in 74 deals.
More Dangote Cement stocks will still exchange hands before the end of today’s trading and more would be traded before the close of transactions next month.
Dangote Cement is one of the movers of the market. The company is one of the most capitalised firms listed on the Nigerian Stocks Exchange (NSE).
It is one of the stocks which send a bad signal to the entire market whenever it coughs. Other equities in this category are MTN Nigeria, GTBank, Nestle Nigeria amongst others.
