Dangote Records N332 billion Trade Value In One Day
Dangote Cement closed its trading session at N240.00 per share and N4.089 trillion in market capitalization in one day.
According to reports, on Wednesday, November 3, 2022, the largest cement manufacturers in Sub-Saharan Africa recorded N332 billion in trading values at N240.00 per share and N4.089 trillion in market capitalization. Dangote also stock grew by 8.84% the previous day to close at N240 per share from N220.5.
Dangote’s new value is advantageous to the Nigerian exchange (NGX) as it pulled the all-share index to close at a high point.
The new stock numbers for Wednesday were against the previous day’s numbers which came in at N220.50 per share and N3.757 trillion worth of market capitalization, demonstrating a significant rise in stock value as it gained N332 billion or 8.84%.
On Monday, the 1st of November, Dangote cement recorded a 6.2% growth in Q3 of 2022. The company experienced an increase in the volume of cement it sold by 6.2%t, recording 20.8 metric tons of sales. The company also lauded the use of alternative fuel sources as a cost-effective means of production.
Reports show that the company spent a large sum of N263.157 billion on fuel and power from the beginning of the year to September. This denotes a 44.31% increment from N182.355 billion recorded during the previous year’s period.
He stated, “So far this year, we have co-processed 101,553 tonnes of waste, representing a 77% increase in 2021. We are on track to commission our alternative fuel feed system at Obajana lines I and V, and Ibese line II in November. In addition, we are ramping up our investment in compressed natural gas, CNG, to reduce our AGO usage.”
Perhaps alternative fuel sources could be the key to posting even higher revenue earnings, effectively increasing the market shares and market capitalization of one of Africa’s largest cement producers.