Dangote Cement Plc shares have gained 10% during today’s trading hours as the company announces the commencement of the Tranche I shares buyback programme.
Nairametrics earlier reported that Dangote Cement had announced the commencement of the Tranche I shares buyback programme.
The Tranche I share back program entails that up to 168,735,593 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the entire current issued shares will be repurchased.
Shares of Dangote Cement opened trading at N330.1 per share which is also a 52-week high (meaning this is the highest the stock had been in the past 1 year).
Trading volume is also high as 5,079,979 units valued at N1.67 billion are being traded today.
What You Should Know
In its audited financial statement for the year ended 31st December 2022, Dangote Cement declared a profit of N382 billion for the year compared to N364 billion the previous year.
Revenue for the period also improved by 16.9% to N1.618 trillion compared to the N1.384 trillion the previous year.
How equities performed
The equity market closed higher by 2.48%, reaching N35.18 trillion from N33.83 trillion in the previous session, reflecting the optimistic mindset of investors.
The All Share Index (NGX ASI) ended the trading session on a high note, recording a 1,563.3 points increase to 64,603.69 from the previous close of 63,040.41 points on Friday.
The trading value of shares rose to N22.03 billion, a remarkable increase of N21.07 billion from N958.85 million in the previous session.
