Investors in companies under the Dangote Group have experienced significant gains, amounting to over 1.2tn, during the first two trading sessions of the week.
This surge in appetite for stocks can be attributed to the recent commencement of production by the Dangote Petrochemical Refinery. The listed companies, including Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc, have seen a substantial increase in their market capitalization. Dangote Cement's market cap rose to N7.018tn, while Dangote Sugar and NASCON Allied Industries reached N988.755bn and N189.434bn, respectively.
The overall gain for shareholders in these companies amounted to N1.245tn. The successful listing of Dangote Refinery on the Nigerian Exchange Limited has been highly anticipated and is seen as a significant boost for the capital market. Aliko Dangote, Africa's richest man, expressed his satisfaction with the refinery's production, emphasizing its importance in demonstrating Nigeria's ability to undertake large-scale projects.
Furthermore, Femi Otedola, a prominent businessman, highlighted the refinery's potential to enhance energy security and drive economic transformation in Nigeria.
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