Plans has reach final stage for Dangote Cement Plc to undertake a share buy-back programme by the end of 2020 after obtaining shareholders’ nod to go ahead with the programme early this year.
Dangote cement hopes to buy back up to 85.2 million fully paid up ordinary shares of 50 Kobo each, representing 0.5 percent of the entire current issued shares of the company.
A statement by the company explained that the execution of the tranche-I of the programme would not have any material impact on it’s financial position.
The Nigerian Stock Exchange (NSE) is expected to witness a bullish trend with Dangote cement buy back plan.
Bargain hunting in Dangote Cement Plc, which rose by 17 percent, Airtel Africa Plc (10%), BUA Cement Plc (+9.1%), and Flourmills of Nigeria Plc (+7.5%) buoyed market performance.
Similarly, the equities market capitalisation rose by 5.4 percent to N20.279 trillion.
Activity level was strong, as volume grew significantly by 35.6 percent w/w to 2.756 billion units, while value spiked by 128.4 percent to N40.311 billion during the week before Christmas.