By Radarr Africa Business Desk
LAGOS, November 2 (Radarr Africa) – Shares in Dangote Cement rose 33.12 per cent in October, from N1,066.70 to N1,420, lifting the company’s market capitalisation to about N24 trillion, Nairametrics reported.
The stock gained about 27 per cent in the final week of the month, according to Nairametrics. BusinessDay put the weekly rise at 27.81 per cent in its report on the week ended October 30.
Nairametrics said the company’s nine-month pre-tax profit rose 41.5 per cent to N1.47 trillion. The report did not give a breakdown of the earnings.
The rally accelerated during the final week. On October 27, Dangote Cement rose 9.80 per cent to N1,341.90 from N1,222.10, Nairametrics reported, giving the company a market valuation of N22.64 trillion. The same session lifted the NGX All-Share Index to a record 253,990.06 points and pushed overall market capitalisation to a record N164.91 trillion.
The NGX Industrial Index closed that session at 11,834.55 points, up from 11,218.05 the previous day and 10,258.94 on October 21, according to Nairametrics.
A week earlier, on Friday, October 23, the stock jumped 10 per cent to close at N1,111, giving a market capitalisation of about N18.7 trillion, Nairametrics reported in a separate article published on October 24. That report said investor Femi Otedola was reportedly buying shares in the company again.
Nairametrics said it could not independently verify the purchases or the size of any stake, or establish a link between them and the price rise. The report relied on unnamed sources with knowledge of the matter, one of whom said Otedola “has cash with him now”. The report said the reported target was a 5 per cent stake.
The article gave context on the company’s ownership. Dangote Industries held 86.65 per cent as of December 2025, and the free float stood at under 10 per cent, according to Nairametrics.
The stock opened 2026 at N609, reached a June high of N1,180 and later dipped below N900, the October 24 report said. Otedola’s purchases in 2024 were at around N350 per share, it added.
Nairametrics’ month-end report, published on October 31, said it had reported that Otedola was acquiring a significant stake in the company. Radarr Africa has not seen a statement from Otedola or from Dangote Cement confirming any purchase.
Dangote Cement was not the only large stock to move strongly in the final week. BusinessDay reported that Access Holdings rose 7.92 per cent, MTN Nigeria 3.03 per cent and Aradel Holdings 2.48 per cent over the week.
Overall, the NGX All-Share Index rose 1.23 per cent in October, taking its year-to-date return to 63.42 per cent, according to Nairametrics. Of 146 securities it tracked for the month, 28 gained, 72 declined and 46 were unchanged.
Other stocks also posted large monthly moves, Nairametrics reported. Livestock Feeds rose 64.20 per cent to N13.30, E-Tranzact International 33.61 per cent to N16.30, Honeywell Flour Mills 25.28 per cent to N22.55 and Fidelity Bank 10.85 per cent to N24. CAP gained 10 per cent to N110 and Guinness Nigeria 9.93 per cent to N423, while MTN Nigeria rose 1.55 per cent to N850. Multi-Trex Integrated Foods doubled from N0.36 to N0.72.
