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NSE LIVE! Dangote loses N100bn in five hours as equities dwindle

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NSE LIVE! Dangote loses N100bn in five hours as equities dwindle

Nigeria and Africa’s richest man, Aliko Dangote, lost more than N100 billion within the five-hour trading session at the Nigerian Stock Exchange (NSE) on Thursday as the shares of his main business, Dangote Cement Plc, came under intense selloff.

Dangote Cement’s share price dropped by N6.97 to close at N167.02, representing a total loss of N118.77 billion. Dangote Cement, the most capitalised quoted company in Nigeria, has total issued shares of 17.04 billion ordinary shares of 50 kobo each.

Aliko Dangote’s Dangote Industries Limited (DIL) owns some 85 per cent majority equity stake in Dangote Cement.

The loss by Dangote Cement, the highest in terms of value, overshadowed large price gains across sectors. While there were 17 advancers to 16 decliners, the decline suffered by Dangote Cement left the overall market position with a net capital loss of N97 billion.Dangote Cement accounts for nearly one-third of total market capitalisation at the Exchange.

The All Share Index (ASI), the common value-based index that tracks prices at the Exchange, dropped by 1.07 per cent from 26,495.04 points to close at 26,212.09 points. Aggregate market value of all quoted equities also dropped from N9.116 trillion to close at N9.019 trillion.

With the third consecutive decline, the average year-to-date return at the stock market so far this year stood at -2.47 per cent.

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Sectoral analysis showed a largely negative trend, driven by losses suffered by high-cap stocks. The NSE Industrial Goods Index, where Dangote Cement is listed, recorded above-average decline of 1.8 per cent. The NSE Consumer Goods Index dropped by 0.29 per cent while the NSE Oil & Gas Index slipped by 0.14 per cent. On the upside, the NSE Banking Index rose by 1.7 per cent while the NSE Insurance Index appreciated by 0.7 per cent.

Other top losers included Guinness Nigeria, which dropped by N4.15 to close at N78.90; Forte Oil, which lost N2.85 to close at N80.75; Stanbic IBTC Holdings, which dropped by 63 kobo to N15; Nigerian Aviation Handling Company, which lost 30 kobo to close at N2.86; Dangote Flour Mills, which declined by 21 kobo to close at N4.04 per share and Custodian and Allied, which dropped by 19 kobo to close at N3.70 per share.

Total turnover stood at 137.69 million shares valued at N898.71 million in 2,488 deals. Fidelity Bank was the most active stock with a turnover of 25.06 million shares worth N20.98 million. Diamond Bank followed with 16.95 million shares worth N15.26 million while United Capital placed third with 11.04 million shares valued at N31.84 million.

On the positive side, Beta Glass and CAP led the gainers with a gain of N1 each to close at N30 and N33 respectively. Guaranty Trust Bank followed with a gain of 57 kobo to close at N23.47. Access Bank rose by 29 kobo to N6.14. Oando rallied 24 kobo to close at N4.54.

Cadbury Nigeria rose by 22 kobo to N10. UACN Property Development Company chalked up 21 kobo to close at N3.09 per share. Ecobank Transnational Incorporated added 19 kobo to close at N9.73. Eterna rose by 14 kobo to N3.20 while FBN Holdings garnered 11 kobo to close at N3.44 per share.

 

 

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0 Comments

  1. Heney

    January 6, 2017 at 8:29 am

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  2. Emmanuel Alayegbami

    January 6, 2017 at 8:51 am

    I have discovered that Nigeria Stock Exchange market is all about being wise and smart so as to know when to invest or not . it is a pity Dangote is the first top major loser of the year 2017, but don’t be surprised he will the most overrun 2017 stock market top gainer at the end of the year because Dangote knows how to stimulate his market.

  3. seyi jelili

    January 6, 2017 at 9:03 am

    the one baffling me most times is that of Guinnes plc losing since last week in stock watch. is it that people have made new year resolution not to drink again this year.

    • Joy Madu

      January 6, 2017 at 9:15 am

      people are still drinking but they don’t take Guinness brand anymore as their brands are too expensive . so they resort to cheaper brands.

  4. yanju omotodun

    January 6, 2017 at 9:11 am

    #100bn is too huge a money, I am sure this will affect Dangote immensely and might likely dropped him as the African most richest . I pray he recovers immediately from the loss.

    • Margret Dickson

      January 6, 2017 at 9:44 am

      This is what the current government has done to Dangote. I’m sure he’ll be feeling the loss by now

  5. Animashaun Ayodeji

    January 6, 2017 at 9:40 am

    Dangote makes his money from the poor, Buhari’s administration has made the poor poorer, why won’t Dangote be affected?

    • chichi emerue

      January 6, 2017 at 9:54 am

      Buhari is bridging the gap between the poor and the rich and nothing more than that.

  6. Johnson Amadi

    January 6, 2017 at 9:48 am

    I’m surprised Stanbix IBTC that has been winning lost this time, Stanbic IBTC Holdings dropped by 63 kobo to N15

  7. Roland Uchendu Pele

    January 6, 2017 at 5:48 pm

    Dangote must face the situation the same way as others.

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