Dangote Cement stock rises by 10% to hit 52wk high as company announces “share buy-back” programme

Dangote Cement Plc shares have gained 10% during today’s trading hours as the company announces the commencement of the Tranche I shares buyback program.

Nairametrics earlier reported that Dangote Cement had announced the commencement of the Tranche I shares buyback program.

The Tranche I share back program entails that up to 168,735,593 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the entire current issued shares will be repurchased.

Shares of Dangote Cement opened trading at N330.1 per share which is also a 52-week high (meaning this is the highest the stock had been in the past 1 year).

The stock had closed the previous day’s trading session at N300.1 per share.

Trading volume is also high as 5,079,979 units valued at N1.67 billion are being traded today as of when this article is written. (Nairametrics)