Nigerian Stock Market Suffers N1.11trn Loss as Dangote Cement’s Shares Plummet

The Nigerian stock market experienced a significant downturn on Friday, with Dangote Cement’s shares leading the decline. The company’s stock price fell by 9.99%, resulting in a N1.11 trillion loss in market capitalization.

The Nigerian Exchange (NGX) All-Share Index dropped by 1.95% to close at 98,201.49 points, down from 100,156.96 points on Thursday. The market capitalization of listed equities also declined by N1.107 trillion or 1.95% to N55.605 trillion.

The trading week showed a decline in market performance, with the NGX reporting a drop of 2.36% between Monday and Friday. The year-to-date return also declined to 31.33%.

Oando Plc led the gainers’ table with a 10% increase, followed by FCMB Group, Wapic Insurance, Conhall Plc, and Nahco. On the other hand, Eterna Plc topped the losers’ chart, dropping by 10%, followed by Dangote Cement, Daar Communications, Mecure, and Deap Capital.

The volume of trades decreased by 236.0 million, representing a 17.62% decline, with investors trading 1.103 billion shares valued at N21.596 billion in 9098 deals.