By Milcah Tanimu

Shareholders of three Dangote companies listed on the Nigerian Exchange Group (NGX) experienced substantial gains in market value in 2023. The combined market capitalization increase for Dangote Cement Plc, Dangote Sugar Plc, and Nascon Allied Industries Plc amounted to 34.55%, translating to investors gaining approximately N1.641 trillion by the close of trading on December 29, 2023.

Here’s a breakdown of the gains for each company:

1. *Dangote Cement Plc:* The share price closed at N319.90 per share, with a market capitalization of N5.451 trillion, marking a gain of N1.004 trillion or 22.56% for the year.

2. *Dangote Sugar Plc:* The shares rose to N57.00 per share, resulting in a market capitalization of N692.372 billion at the end of the year. This represented an addition of N497.415 billion or 255.14% to the market capitalization.

3. *Nascon Allied Industries Plc:* The share price grew to N53.75 per share, and the market capitalization reached N142.407 billion by the close of the year. This marked an addition of N112.999 billion or 384.24% to the market capitalization.

The positive market sentiment extended to the overall market, with the Nigerian Exchange (NGX) All-Share Index (ASI) rising by 45.9% to close at 74,773.77 points on December 29, 2023, compared to 51,251.06 points in 2022.

Market analysts attributed the favorable conditions to various factors, including President Bola Tinubu’s administration implementing business-friendly policies such as fuel subsidy removal, exchange rate rationalization, and the floating of the naira. The commissioning of the first indigenous private refinery also had a positive impact on petroleum companies.

CEO of Crane Securities Limited, Mike Ezeh, and analyst Tajudeen Olayinka from Wyoming Capital and Partners expressed optimism about the capital market’s continued improvement in 2024, driven by companies seeking listing and public offerings to address infrastructure deficits using private capital.