Dangote Sugar Refinery Plunges by 10% on Huge Selloffs
Dangote Sugar Refinery Plc plunged by 10% as investors reduced their interest in the company amidst looming third quarter earnings season.
Investors who held position in the sugar refinery exited their positions, causing the share price decline to N54 on the back of 4.455 million units valued at N261.579 million executed in the local exchange.
The selloffs reflect negative sentiment in the absence of any other disclosure with capability to fuel demand for Dangote Sugar shares in the market.
Trading data from the Nigerian Exchange (NGX) showed the market price down Dangote Sugar Refinery’s 12.146 billion shares outstanding to N655.931 billion.
In the last seven trading sessions, the company share has been less volatile as investors look forward to receive their third quarter earnings scorecard to drive fresh rally.
Based on its stock market performance, the sugar company has fallen by about 29% below its highest value attained on the Nigerian Exchange in 52 weeks. #Dangote Sugar Refinery Plunges by 10% on Huge Selloffs UBA Grows Profit by 6.1%, Declares 25k Interim Dividend
