Dangote Cement is regaining momentum in the equities market ahead of its earnings release, as investors resume buying after a sell-off that drove its share price down to ₦394.
Market sentiment improved following a forecast by Meristem Securities Limited, which projected a 69% upside potential. Analysts raised the stock’s target price to ₦667.16 per share, while the company’s estimated 2024 dividend yield stands at 7.61%, slightly below its five-year average.
According to data from the Nigerian Exchange, Dangote Cement Plc surged to N431 per share, with over 1.19 million shares traded at a total value of N481 million.
As a result, the company’s market capitalization climbed to ₦7.344 trillion at the close of Wednesday’s trading session, marking a 4% increase ahead of its earnings release.
With a two-day rally boosting the stock by 9.4%, the total market value of its 17.040 billion outstanding shares has risen to ₦7.344 trillion.
Analysts expect further gains once Dangote Cement publishes its 2024 financial results.
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