Dangote Cement shares plunge further, lose N1.55trn in two days
Dangote Cement extended its decline on Wednesday as its share price tumbled by the daily limit of 10 percent to N387.9 apiece.
The cement maker, Africa’s biggest with operations in 10 countries, has seen its market capitalisation fall by N1.55 trillion in two days to N6.61 trillion.
Markets Reporters reported on Tuesday that Dangote Cement plunged by 9.98 percent at the end of trading that day, losing its crown as the most valuable company on the Nigerian stock exchange to Airtel Africa, whose market cap was N8.
It dropped to the third position as BUA Foods’ valuation stood at N7.47 trillion.
Airtel Africa boasts N8.11 trillion in valuation, representing about 13 percent of the total value of all listed companies on the Nigerian Exchange Limited. Its rival MTN Nigeria Communications is the fourth-most valuable stock with a market cap of N4.89 trillion.
