Despite economic headwinds, Dangote Cement Plc and BUA Cement Plc, two major cement manufacturing firms listed on the Nigerian Exchange Group Plc (NGX), reported a combined gain of over N650.668 billion at the end of today’s trading to rank among the day’s gainers.
This is despite speculations that the latest interest rate hike by the Central Bank of Nigeria (CBN) might depress market appetite.
Recall that the Monetary Policy Committee (MPC) of the CBN voted Tuesday to increase the benchmark interest rate by 100 basis points to 16.5%, the highest since 2001.
Breakdown of the gains: Checks by Nairametrics revealed that Dangote Cement Plc closed the trading session with a share price of N262.30 and N4.469 trillion in market capitalisation, as against N238.50 per share and N4.064 trillion in market capitalisation the previous day, hence has earned a gain of N405.564 billion or 9.98% in market value.
Also, BUA Cement Plc closed its trading day at N79.00 per share and N2.675 trillion in market capitalisation on the Nigerian Exchange (NGX) as against N72.00 per share and N2,438 trillion in market capitalisation the previous day, hence has earned a gain of N237.050 billion or 9.72% in market value.
Lafarge Africa Plc trailed to complete the trading day at N22.50 per share and N362,425 billion in market capitalization, a gain of N8.054 billion from N22.00 per share and N354.371 billion.