Dangote Cement Loses 10% of Market Valuation
Equity investors in the Nigerian Exchange (NGX) have priced down Dangote Cement Plc (Ticker: DANGCEM) by 10%, dropping below N250 per share from its peak price in May 2022.
Consequently, the company’s valuation dipped to N4.7 trillion as investors engage in selling rallies in the local bourse on Monday.
In the last 1-month, Dangote cement has lost 16.90%, according to stock market data quoted on stock screening platform TradingView while the technical rating indicates a strong sell. The market may not be able to stop the drop this week due to weaker than expected market sentiment.
This signifies the new week may be rough for the top member of the cement oligarch after losing N27.70 from N277. Shares of Dangote Cement had peaked at N300, thus lifting its market valuation above N5 trillion, trailing Airtel Africa in the Nigerian local bourse as the second largest. READ: Naira Lost Against Dollar as External Reserves Declined
The cement company sees its share price jumping and pumping following share buyback that had stemmed volatility in the equity market. More than 85% of the 17 billion outstanding shares are held by Dangote Industries Limited. # Dangote Cement Loses 10% of Market Valuation