Business

Dangote Cement tops best performing cement stock in Q1 2024 

Amidst economic challenges, the Nigerian stock market has showcased resilience, experiencing significant growth in the first quarter of 2024. 


Starting the year at 74,774.73 points, the NGX surged by 39.84%, representing 87% of the total growth achieved in 2023. Market capitalization also surged, increasing by N18.2 trillion to close at N59.13 trillion in Q1 2024. 


 The exceptional performance of the market was driven by the exceptional performance of individual stocks, among them the cement companies.  The three listed Cement companies; BUA Cement, Dangote Cement, and Lafarge (WAPCO) total market capitalization moved up to N17.164 trillion in Q1 2024 from N9.244 trillion as of December 2023. This represents about 29% of the N59.13 trillion total market capitalization.