Dangote Cement Plc became the most capitalized on NGX after its market capitalization rose to N6.15 trillion. The rise in the company’s market cap is on the back of a positive reaction to the company’s announcement of the Tranche I shares buyback program.
The share price of the cement giant gained 9.27% to close trading today at N360.7 per share with a market capitalization of N6.15 trillion.
Dangote Cement has now surpassed MTN Nigeria which was previously the most capitalized stock at N5.66 trillion.
The reason behind the stock rally
Recall that Nairametrics reported that Dangote Cement Plc had announced the commencement of the Tranche I shares buyback program.
The Tranche I share back program entails that up to 168,735,593 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the entire current issued shares will be repurchased.
The program is scheduled to commence on the 17th of July 2023 and its duration is only for two days to be completed on the 18th of July 2023 or whenever the entire tranche size has been purchased.
Credit: Nairametrics
