As trading starts this week, Aliko Dangote and other shareholders of his cement company, will be hoping to recoup last week’s loss, after their funds in the manufacturer depleted by -0.47%.
Dangote Cement stock had started dropping last week with N278.4kobo, but the equity slumped on Wednesday to N273.5kobo per share, and traded flat till the close of the Nigerian bourse on Friday.
This decline in Dangote Cement equity price was enough to plummet the investment of shareholders by -0.47% in five days of trading, wiping off N22.15 billion from their cash box.
According to report the dip induced by a negative outlook on Dangote Cement knocked down shareholders total investment to N4.66 trillion, from N4.68 trillion.
It means Dangote Cement will open trading this week from a losers position, with the sell off – caused by the negative outlook – that plummeted the share value still hovering above the equity, giving the capital market an opportunity to buy the dip before the firm’s share rebounds.
The decline leaves Dangote Cement market capitalisation behind Airtel Africa (N4.73 trillion), which surpassed the Cement business to become the most valuable company in Nigerian public market.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
