For a moment in the NGX, Dangote Sugar Plc became the second Aliko Dangote-owned company to cross the N1 trillion market capitalization level.
As of 1.30 pm WAT, January 17, 2024, the company’s share price had appreciated by 1.23% to hit N82.40, thus taking the company’s market capitalization to N1.085 trillion.
Dangote Sugar became the sixth company to cross the N1 trillion market cap level in the NGX in 2024. Others are FBN Holdings, United Bank for Africa, Access Holding, Transcorp Hotels, and Geregu Power.
However, at the close of trading by 2.30 pm WAT, Dangote Sugar’s share price declined by 9.95% to close at N73.30 and fall to a market capitalization of N890 billion.
While Dangote Sugar ended in the bearish zone today, Dangote Cement continued its bullish run, as it appreciated by 9.86% to reach a share price of N452.50. This week, Dangote Cement has appreciated by a whopping 29.3% to hit a market capitalization of N7.71 trillion, making it the most capitalized stock in the NGX, ahead of Airtel Africa.
Despite its status as one of the largest stocks on the NGX, Dangote Cement Plc stands out as one of the top-performing companies in the market this year, with an impressive year-to-date appreciation of 41.5%.
For Dangote Sugar, though there was a pullback on its stocks today, the company has also enjoyed the bullish sentiment prevalent in the NGX this year. Year-to-date, Dangote Sugar Plc has appreciated by 28.6%.
NASCON Allied Industries, the third Dangote Group company trading in the NGX also recorded a bearish trading day in the NGX, as its share price declined by 7.76% to close at N65.95 today. However, this year, the company’s shares have appreciated by 22.7% year-to-date.
What you should know
Dangote Group companies in the NGX have recorded capital gains of about N2.49 trillion, with Dangote Cement boosting its market capitalization by N2.26 trillion, Dangote Sugar by N198 billion, and NASCON by N33 billion.
Hence, Aliko Dangote, the President of the Dangote Group has seen his net worth climb by about $2.02 billion in 2024 alone, according to the Bloomberg Billionaires Index.