The chairman of the Dangote Group and African Billionaire, Aliko Dangote, gained a massive N218 billion from his Dangote Cement Plc stake after the cement company completed a share buy-back program on the Nigerian Exchange Limited (NGX).
The richest man in Africa currently holds the majority stake in Dangote Cement Plc, to the tune of 27,642,637 direct holdings and 14,621,387,610 indirect holdings, out of the 17.04 billion total issued shares of the company.
Dangote’s stake is currently worth about N4.17 trillion, up from N3.96 trillion as of the end of market on Tuesday 26th of January 2022.
The program, which commenced on Wednesday, January 19, 2022, and ended the following day, Thursday, January 20, 2022, drove share prices as high as N284.90 reaching a new 52-week high and has stood at that price since.
The buy-pressure in the shares of the cement company saw the share price increase by 5.52%, from N270 per share at the open of the market, to N284.90 per share at the close of the market.
This, in turn, pushed its market capitalization up by N253.90 billion on the exchange, from N4.60 trillion to N4.85 trillion at the close of trading activities on Nigeria’s stock exchange.
Stock performance summary
The shares of Dangote Cement Plc have advanced by 10.86% from year-to-date, starting the year at N257.00 and currently traded at N284.90. However, the shares of the company have returned about 43.82% gains for investors who bought them at their 52-week low trading price of N198.10 per share.
During yesterday’s trading hours, 45,230 ordinary shares of Dangote Cement Plc worth about N12.13 million, were exchanged in 53 executed deals.
What you should know
The NGX Industrial Goods Index mirrored the growth in Dangote Cement’s share price. This effect is because Dangote Cement Plc is the most capitalized company on the Index and on the Exchange.
Following the conclusion of the share buy-back programme, the Index has appreciated by 2.69% to close at 2,177.38 points from 2,120.44 index points.