Dangote Cement Plc last weekend emerged as the stock with the highest market valuation on the Nigerian Exchange Limited with N9.25 trillion market capitalisation.
The company attained the new status when its shares price grew by 53.9 percent within a week as its share price rose from N350 per share on Monday, January 12, 2023 to close at N538.8 on Friday, January 19, 2023.
Analysis of Dangote Cement share transaction shows that volume traded during the week under review also rose from 272,692 shares at January 12, to about 1.29 million as at January 19, even as market sources confirmed chairman Geregu Power Plc Femi Otadola, as the new investor behind the huge share acquisition.
Interestingly, the foray of the billionaire chairman of Geregu Power into Dangote Cement has impacted the market capitalisation positively as it grew by N3.21 trillion within five days, from N5.96 trillion on January 12, to N9.18 trillion
The latest development saw Dangote Cement overtaking Airtel Africa and MTN Nigeria in terms of market capitalization.
Up until last Friday, Airtel Africa and MTN Nigeria with market capitalization of N7.52 trillion and N6.05 trillion respectively were leaders as the most stocks with the highest market valuation.
Others stocks currently making the list of equities with value over N1 trillion mark on the NGX includes on the list are BUA Cement Plc (N4.57 trillion); BUA Foods Plc (N4.32 trillion); Zenith Bank (N1.39 trillion); Seplat (N1.36 trillion); GTCO (N1.34 trillion); Geregu Plc (N1.17 trillion) UBA Plc (N1.06 trillion); Access Holdings Plc (N1.05 trillion) and Transcorp Hotels Plc (N1.02 trillion)
Other companies that could as well cross the N1 trillion market capitalization mark in the not-too-distant future are FBN Holdings Plc with N967.38 billion market capitalization, followed closely by Nestle Nigeria Plc, Dangote Sugar Refinery Plc and Stanbic IBTC Holdings Plc with N948.02 billion, N929.24 billion and N842.20 billion in that order.
