Another Aliko Dangote's Company Crosses N1 Trillion Market Value on Nigerian Exchange
- Aliko Dangote Sugar Company has hit N1 trillion in market capitalisation on the Nigerian Exchange Limited
- Dangote Sugar becomes the fifth company to cross the N1 trillion market cap level in the NGX in 2024
- The development means Dangote now has two companies with a market capitalisation above 1 trillion
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Dangote Sugar Refinery Plc momentarily joined the elite club of companies worth N1 trillion in market capitalisation on the Nigerian Exchange Limited.
This is the second Aliko Dangote-owned company to join the exclusive league of SWOOTs (Stocks Worth Over One Trillion) group.
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What is market capitalisation?
Market capitalisation refers to how much a company is worth as determined by the stock market. It is defined as the total market value of all outstanding shares.
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To calculate a company's market cap, multiply the number of outstanding shares by the current market value of one share.
How Dangote Sugar became N1trn company
A check by Legit.ng revealed that on Wednesday, January 17, 2024, during trading, the share price of Dangote Sugar reached a high of N89.50, pushing the company's market capitalisation to N1.08 trillion.
However, at the close of trading by 2:30 pm on Tuesday, there was a significant drop in the price of the company's shares to N73.30, reducing the market cap to N889.66 billion.
List of companies worth over N1 trillion in Nigeria
Dangote Sugar momentarily became the 5th company to cross the N1 trillion market cap level on the NGX in 2024
Joining FBN Holdings, United Bank for Africa, Access Holding, Transcorp Hotels, and Geregu Power.
Other companies on NGX that are worth over N1 trillion include Seplat Energy Dangote Cement, MTN Nigeria, BUA Foods, BUA Cement, Guaranty Trust Holding Company Plc(GTCO) and Zenith Bank
Like Elumelu, who heads Transcorp Hotels and UBA, Aliko Dangote is the second Nigerian billionaire with two companies above N1 trillion.
Richest Nigerian investors on the Nigerian exchange: Otedola, Elumelu join Dangote, others
Earlier, Legit.ng revealed that the Nigerian Exchange was voted second-best performing worldwide last week as banking stocks drove the all-share index through the roof.
The recent performance of the NGX has thrown up some top performers and new wealthy investors in Nigeria.
On Monday, January 15, 2024, the all-share index of the Nigerian exchange rose by 1.92%, propelled by Dangote Cement, which saw its share price surge by 7.49%, with a market cap of N430 billion.
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Source: Legit.ng
