Dangote Cement shareholders lose N409 billion on sell pressure

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Negative sentiment on shares of some blue-chip firms listed on the Nigerian Exchange has resulted in Dangote Cement Plc shareholders losing about N409 billion in today’s trading.

The cement firm’s share price fell by 9.06% to N241 from N25.45 the previous day.

Dangote Cement closed the day on the Nigerian Stock Exchange (NGX) at N241.00 per share and N4.106 trillion in market capitalisation, compared to N265.00 per share and N4.515 trillion the previous day, earning a loss of N409 billion or 9.06%.Consequently, the Nigerian stock market closed negative amidst buy-interests and sell-offs as bears dominated proceedings for the sixth consecutive day.

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The All-share Index (ASI) depreciated by 2.25% to close at 49,350.71 index points as against 50,489.73 index point the previous day. In the same vein, the overall market Capitalization declined by N614 billion or 2.25% to close at N26.618 trillion as against N27.232 trillion the previous day.

Market breadth closed negative with 16 losers against 12 gainers as Cornerstone Insurance Plc led the losers with 9.33% while NEM Insurance Plc led the few gainers with 10%.

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