Dangote Cement Surges 33.12% in October as Nigerian Stocks Add KSh 195.85B ($1.51B)Dangote Cement Surges 33.12% in October as Nigerian Stocks Add KSh 195.85B ($1.51B)
Key Highlights
- Dangote Cement shares rose 33.12% in October, from N1,066.70 to N1,420, lifting its market value to about KSh 2.34T ($18B).
- The Nigerian Exchange All-Share Index gained 1.23% over the month, adding about KSh 195.85B ($1.51B) to total equity value.
- The rally came as the company lines up a London share sale, while banking stocks dragged, with the sector index down 10.42%.
Dangote Cement shares jumped 33.12% in October, closing the month at N1,420 (KSh 138.36) from N1,066.70 (KSh 103.94) on 30 September, and putting the company's market value at about N24 trillion (KSh 2.34T, $18B).
The move made Dangote Cement one of the best performers on the Nigerian Exchange in a month when the wider market rose far less, and it arrives as the company prepares a London share sale. The conversions use the mid-October official rate; the naira price is the figure that counts for investors in Lagos.
A rally that came late in the month
The stock gained about 40.6% between 22 October and 30 October, rising from N1,010 to N1,420, so most of the monthly gain came in the final days. Month-end prices have not been checked against the Nigerian Exchange's own daily price list, and Mwenendo will update this story if the exchange's figures differ.
The company's nine-month pre-tax profit rose 41.5% to N1.47 trillion (KSh 143.23B, $1.10B), which gives the rally some earnings support.
The market behind it
The Nigerian Exchange All-Share Index rose 1.23% over October, from 251,211.67 to 254,299.49 points, and total equity market value gained N2.01 trillion (KSh 195.85B, $1.51B). Of 146 securities, 28 gained, 72 declined and 46 were unchanged, so gains were narrow.
The industrial index, where Dangote Cement sits, rose 16.85% to 12,199.20. The banking index fell 10.42% to 2,429.46, insurance fell 5.52% and the oil and gas index slipped 2.58%.
Other movers
Multi-Trex Integrated Foods doubled, and Livestock Feeds rose 64.20% to N13.30. Among large stocks, Guinness Nigeria gained 9.93% and MTN Nigeria rose 1.55% to N850. Sterling Financial Holdings showed a nominal rise of 891.56% after a one-for-ten share reconstruction, but adjusted for the reconstruction it was down about 0.84%.
Link to the London sale
As Mwenendo earlier reported, Dangote Cement is lining up a KSh 129.94B ($1B) London share sale, with investor meetings due to start on 27 October. That report said the sale depends on market conditions. A higher share price would matter to the pricing of any sale, though no pricing has been announced.
A year earlier, the All-Share Index rose about 8% in October and Dangote Cement gained 25.69%.
In Summary
- Which company rallied?
- Dangote Cement, listed on the Nigerian Exchange.
- What happened?
- Shares rose 33.12% in October, from N1,066.70 to N1,420.
- When?
- Over October 2026, with about 40.6% of the gain coming between 22 and 30 October.
- Where?
- On the Nigerian Exchange in Lagos.
- Why does it matter?
- The stock lifted the industrial index 16.85% while the All-Share Index rose only 1.23%.
- How did the wider market move?
- Equity value rose N2.01 trillion (KSh 195.85B, $1.51B) to N165.11 trillion, while banking stocks fell 10.42%.