The announcement of Femi Otedola’s acquisition of shares in Dangote Cement Plc appears to have sparked increased investor interest, resulting in a significant uptick in Dangote Cement’s shares.
As of the close of today’s trading session, the company’s shares reached N538.8, reflecting a substantial 9.98% increase from the previous day’s closing price.
Market data indicates heightened demand for Dangote shares with minimal sales, pushing the share price up by almost 10%.
Dangote Cement Plc experienced a remarkable surge yesterday, gaining 8.27%, 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 amassed 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 beginning of the week starting January 15, 2024, Dangote Cement stocks were trading at N350. However, by the week’s end, they had appreciated by 53.9% to reach N538.8, along with a market cap of N9.18 trillion, representing a capital gain of N3.215 trillion in one week.
Bullish Sentiment for BUA Cement Also Evident
The bullish sentiment in Dangote Cement stock is mirrored in the stock of its direct competitor, 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 week’s start to N148.5 at the close.
Throughout the week, BUA Cement’s market cap increased from N3.45 trillion to N5.03 trillion, signifying a capital gain of N1.58 trillion.
Year-to-date, BUA Cement has also recorded a 53.1% gain, positioning itself among some of the best-performing stocks on the NGX this year.
