Dangote Cement gains after plans to expand

According to a report by Reuters, Dangote Cement’s share rose sharply on 7 February after the company announced plans to expand.

Dangote Cement shares jumped 7.8% after the company announced it plans to build new cement plants in Nigeria and increase local production capacity to 38.25 million tpy from 29.25 million tpy.

The new plants will assist in bringing down the cost of production and lower product prices in the market.

The local bourse rebounded on 7 February, ending three consecutive days of decline.

Dangote Cement, which accounts for a third of the market's capitalisation, traded at US$0.6783 at the close.

Edited from source by Joseph Green. Source: Reuters

Read the article online at: https://www.worldcement.com/africa-middle-east/09022016/dangote-cement-gains-plans-expand-468/