Dangote Cement Loses 10% or N1Trn as Investors Dump Shares
Dangote Cement Plc lost more than N1 trillion in the market today as the company’s share price tumbled by 10% in a late hour’s sell down.
Its share price plunged by 10% to N532 on the Nigerian Exchange (NGX) trading platform even less than 5% free float recorded reported in the first half of the year.
This revealed an attempt to exit positions in the cement company by an unimpressed shareholder (s), with transaction details showing less than 12,000 shares transacted could drag the company down by more than N1 trillion in a day.
MarketForces Africa reported intraday gain the local bourse due to buying interest in GTCO, Oando Plc among other early risers. However, a huge selloffs in the cement company’s shares reversed intraday gain earlier reported.
MarketForces Africa gathered that unimpressed shareholders exited their positions in the cement company following decline in profit margin in the first half of the year. The cement company who has less than 5% free float in the equities market has seen twice selling spree on its share in the second half of 2024.
Dangote Cement Plc took a heavy blow on its market value as investors traded 11,863 shares, out of its 17.040 billion shares outstanding in the local bourse. But just less than 5% of the shares were available for trading.
Both Dangote Industries limited and Stanbic IBTC nominees control; lion’s shares with strong, closely held influence on the cement company’s strategic direction and profit sharing.
Shareholdings details showed that Dangote Industries Limited own 87.28% of the cement company. Another influential shareholder, Stanbic IBTC Nominee, has 5.59% of the cement company under its control.
Apart from directors’ interest in Dangote Cement, both shareholders controlled 92.87% of the cement company in the first half of 2024.
Dangote Cement PLC plunged by N1.007 trillion to N9.065 trillion in the equities market from N10.072 trillion at the beginning of the trading sessions. #Dangote Cement Loses 10% or N1Trn as Investors Dump Shares
