Dangote Cement Soars By 9.98% as Otedola Share Acquisition Drives Investor Interest
The announcement of Femi Otedola’s acquisition of shares in Dangote Cement Plc has sparked heightened investor interest, resulting in a notable uptick in Dangote Cement’s shares.
Market data indicates that there was increased demand for Dangote shares with very little sale, thus pushing the share price by almost 10%.
Dangote Cement Plc witnessed a remarkable surge yesterday, with an 8.27% gain, closing at N489.9 and achieving a market capitalization of N8.35 trillion. Building on this momentum, as of the close of trading today, January 19, 2024, the company’s stock has registered an additional impressive gain of 9.98%.
Consequently, it has now accumulated a remarkable year-to-date return of 68.9%, positioning itself as the leading SWOOT stock with the most robust performance on the NGX this year.
At the start of the week beginning January 15, 2024, Dangote Cement stocks were trading at N350. However, at the end of the week, it had appreciated by 53.9% to reach N538.8 as well as a market cap of N9.18 trillion, representing a capital gain of N3.215 trillion in one week.
There is bullish sentiment for BUA Cement
The bullish sentiment in the Dangote Cement stock can also be observed in the stock of its direct competition, BUA Cement Plc.
BUA Cement which recorded an 8.96% gain yesterday, closed today with a share price of N148.5, representing a 10% gain. This week, BUA Cement has appreciated by 45.8%, moving from N101.85 at the start of the week to N148.5 at the close of the week.
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During the week, BUA Cement’s market cap moved from N3.45 trillion to N5.03 trillion, representing a capital gain of N1.58 trillion.
Year-to-date, BUA Cement has also recorded a 53.1% gain, positioning among some of the best performing stocks in the NGX this year.
Source: Nairametrics
