Dangote Cement Extends Rally, Jumps 27.8% in One Week to N1,420

Dangote Cement Plc extended its rally last week after gaining 27.8% to N1,420 per share as investors sustained demand for the cement company’s shares on the Nigerian Exchange (NGX).

The stock opened the week at N1,111 and gained N309 per share to close at N1,420, representing an increase of 27.81% during the five-day trading period.

The performance made Dangote Cement the best-performing stock on the NGX for the week ended October 30, ahead of Honeywell Flour Mills, which gained 25.98%, and UPDC Real Estate Investment Trust, which advanced 20.57%.

The rally also strengthened Dangote Cement’s influence on the broader Industrial Goods sector with the NGX Industrial Goods Index surging 14.58% during the week from 10,646.68 points to 12,199.20 points.

The sector substantially outperformed the broader equities market, where the NGX All-Share Index advanced 2.86% from 247,222.27 points to 254,299.49 points.

The strong performance came despite mixed conditions across the market, particularly in financial stocks.

While the NGX Premium Index gained 7.21%, the Banking Index declined 3.42%, Insurance fell 2.13% and the Consumer Goods Index slipped marginally by 0.02%.

Market breadth also remained negative with 33 equities appreciating during the week while 48 declined and 65 closed unchanged.

Dangote Cement’s 27.81% advance therefore stood out during a week in which gains were concentrated in selected large-cap and industrial stocks rather than spread evenly across the market.

The rally also represents a continuation of the strong demand seen at the beginning of the week, when Dangote Cement jumped 10% on Monday from N1,111 to N1,222.10.

By Friday’s close at N1,420, the stock had added another N197.90 per share from Monday’s closing level, taking its total appreciation for the week to N309 per share.