Dangote Cement Plc Y BUA Cement PlcTwo major cement manufacturing companies on the Nigerian Exchange Group Plc (NGX) posted a combined profit of around N650.668 billion at the end of trading today to rank among the day’s winners despite economic headwinds.
This is despite speculation that the latest interest rate hike by the Central Bank of Nigeria (CBN) could dampen market appetite.
Recall that the CBN’s Monetary Policy Committee (MPC) voted on Tuesday to increase the benchmark interest rate by 100 basis points to 16.5%, the highest since 2001.
earnings breakdown: Checks by Naijaonpoint revealed that Dangote Cement Plc closed the trading session with a price per share of N262.30 and N4.469 billion in market capitalization, compared to N238.50 per share and N4.064 billion in capitalization of market the day before, therefore it has made a profit of N405.564 billion or 9.98% in market value.
In addition, BUA Cement Plc closed its trading day at N79.00 per share and N2.675 trillion in market capitalization on the Nigerian Stock Exchange (NGX) versus N72.00 per share and N2.438 trillion in market capitalization the previous day, thus which made a profit of N237.050 trillion gold 9.72% in market value.
Lafarge Africa Plc It went on to close the trading day at N22.50 per share and N362.425 billion in market capitalization vs. N22.00 per share and N354.371 billion in market capitalization, hence a profit of N8, 054 billion.
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