By Chinwendu Obienyi
The shares of Dangote Cement rose 3.55 per cent even as market capitalisation of Nigeria’s Stock Exchange fell N7 billion at the close of transactions on Wednesday.
Data tracked at the open and close of transactions on the Nigerian bourse showed that the cement company had recorded a N133 billion gain in market value on Tuesday and closed at N227.80 per share yesterday due to the building sentiment in the market, as shareholders await the resolutions of the company’s Board which would hold today.
Furthermore, the company is expected to release its audited financial statement after the Board meeting on Thursday, March 18, 2021. Speculations are however rife that investors expect the Board of Dangote Cement to propose a good final dividend this year, higher at lease than the final dividend of N16 per share 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.
Meanwhile, price depreciation in the shares of FBN Holdings, GT Bank and NCR drove the market’s index dip by 0.04 per cent to close at 38,706.13 points. In the same vein, investors lost about N7 billion as market capitalisation closed at N20.251 trillion.