Dangote Cement had a bullish run on Tuesday on the floor of the Nigerian Stock Exchange, as the shares of the leading cement manufacturer surged by 3.55%, to record N133 billion ($350 million) gain in market value in a day.
This recent gain can be linked to the building sentiment in the market, as shareholders await the resolutions of the Dangote Cement Board, after the Board meeting on Thursday.
Data tracked at the open and close of the stock market today, the 16th of March 2021 revealed that the shares of Dangote Cement rose by 3.7% or N7.8 to close higher at N228 ($0.60) per share.
This bullish move in the share price of DANGCEM saw the market capitalization of the company rise from N3.749 trillion ($9.8 billion) to N3.882 trillion ($10.2 billion).
Sentiment on the market
- There has been a growing sentiment in the market as investors anticipate the release of Dangote Cement’s 2020 Audited results, noting that the Board meeting of Directors in the company was postponed to 18th March 2021, due to the impact of the second wave of COVID-19.
- However, the Audited financial statement of the largest cement manufacturer in the African continent is expected to be released 24 hours after the Board meeting on Thursday, 18th of March 2021.
- Investors however expect the Board of Dangote Cement to propose an impressive final dividend this year, at least higher than the final dividend of N16 per share the company paid shareholders last year.
- In line with the cement manufacturer’s performance in the third quarter of 2020, its revenues are expected to hit the N1 trillion mark this year, making Dangote Cement the second company (after MTN) to achieve such a landmark.
