The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Top News

Dangote Loses N240b In Five Hours To Coronavirus

Next Edition by Next Edition
March 12, 2020
in Top News
Dangote Loses N240b In Five Hours To Coronavirus

Aliko Dangote

0
SHARES
1
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Africa’s richest man Aliko Dangote on Wednesday lost more than N240 billion in five hours as the effect of the coronavirus bit harder on the Stock Exchange.

The World Health Organisation (WHO) on Wednesday declared coronavirus a pandemic.

You might also like

US Cuts Nigerians’ Visa Validity To Three Months

3 Children Killed As Train Crashes Into School Van

JAMB Releases Mop-up Exam Results

A pandemic is a disease that is spreading in multiple countries around the world at the same time.

Some of Dangote’s firms under the parent-company, Dangote Group, suffered big losses at the market.

Investors have suffered a total of N1.41 trillion loss in the last three days to the pandemic which is wreaking havoc across the world.

Benchmark equities indices indicated an average decline of 3.4 per cent on Wednesday, which is equivalent to net capital depreciation of N426 billion. The equities lost N985 billion between Monday and Tuesday.

According to The Nation, Dangote Cement Plc, the flagship of Dangote Industries Limited (DIL), led the decline with the maximum daily allowable drop of 10 per cent or N17, which is equivalent to net depreciation of N289.68 billion. Dangote Cement is Nigeria’s most capitalised quoted company and accounts for more than 20 per cent of the total market capitalisation.

Two other members of the Dangote Group, Dangote Sugar Refinery (DSR) Plc and NASCON Allied Industries Plc lost N1.8 billion and N3.05 billion. Dangote Cement’s share price dropped by N17 from N170 to close at N153. NASCON Allied Industries declined by N1.15 to close at N3.05 while DSR lost 15 kobo to close at N9.75 per share.

Allaying public fears about the development in the market, the Association of Securities Dealing Houses of Nigeria (ASHON) assured investors that the market would soon bounce back.

It said the fundamentals of quoted companies remained strong.

ASHON chairman Oyinyechukwu Ezeagu explained that the stock market remained part of the global exchanges and as such any development in the world market would impact on its operations.

READ ALSO: Dangote Donates N200m To Fight Coronavirus In Nigeria

Ezeagu said: “The effect of the coronavirus is gradually affecting trading all over the world and whatever happens elsewhere reflects in our market.

“The centre of it all is China and being a major world power both in productive and consumption capacities, any ill wind affecting China would naturally cause a big sneezing to the rest of world.

“Investors should not panic. The share prices will bounce back. The companies’ fundamentals remain strong. Many investors are taking advantage of the bearish run to beef up their portfolios.”

At the Nigerian Stock Exchange (NSE), the All Share Index (ASI) – the benchmark value index that tracks all share prices declined from its opening index 24,388.66 points to close at 23,572.75 points.

The aggregate market value of all quoted equities at the NSE dropped from its opening value of N12.710 trillion to close at N12.284 trillion. Average year-to-date return crossed the double-digit -12.2 per cent.

The ASI had opened Monday at 26,279.61 points while market capitalisation opened at N13.695 trillion.

All sectoral indices closed negative with the exception of the NSE Insurance Index, which appreciated by 2.2 per cent. The NSE Consumer Goods Index declined by 4.7 per cent. The NSE Industrial Goods Index depreciated by 3.4 per cent. The NSE Banking Index dropped by 2.7 per cent while the NSE Oil and Gas Index dipped by 0.7 per cent.

“We maintain a bearish outlook on the equities market in the next trading session,” Afrinvest Securities stated.

Other top losers included: Nestle Nigeria, with a drop of N101.70 to close at N915.30; Conoil lost N1.60 to close at N14.60 and Zenith Bank dropped by N1 to close at N12.05 while Cadbury Nigeria declined by 65 kobo to close at N6 per share.

On the positive side, Unilever Nigeria rose by N1.05 to close at N11.65. United Bank for Africa rose by 55 kobo to close at N6.20. Vitafoam Nigeria appreciated by 38 kobo to close at N4.45. UAC of Nigeria added 30 kobo to close at N7.50 while FCMB Group chalked up 15 kobo to close at N1.66 per share.

Tags: “Covid-19 (CoronaVirus) global health issueASHON chairman Oyinyechukwu EzeaguCoronaviruscoronavirus a pandemicDangote Cement PlcDangote Loses N240bDangote Sugar Refinery (DSR) PlcfeaturedFive HoursNASCON Allied Industries PlcStock Exchangethe flagship of Dangote Industries Limited (DIL)World Health Organisation (WHO)
Next Edition

Next Edition

Recommended For You

US Visa Applicants to Submit Social Media Handles, Email Addresses

US Cuts Nigerians’ Visa Validity To Three Months

  The United States Department of State has announced an update to its non-immigrant visa policy for Nigerian citizens. According to a press release issued by the US...

Many Trapped As Train Derails In Lagos next edition.

3 Children Killed As Train Crashes Into School Van

    About three children were killed and six others injured after a passenger train hit a school van attempting to cross a manned level crossing in the...

JAMB Eases Restrictions On Services To Aid pre-2020 Candidates

JAMB Releases Mop-up Exam Results

The Joint Admissions and Matriculation Board (JAMB) has released the results of its mop-up Unified Tertiary Matriculation Examination (UTME) held on Saturday, June 28. In a statement yesterday...

NDLEA Nabs Drug Trafficker, Recovers Three Cocaine Parcels

NDLEA Arrests Lagos Businessman, Wife, Daughters Over Family-Run Drug Network

  The National Drug Law Enforcement Agency (NDLEA) has announced it has taken into custody a businessman identified as Ajah Johnson Uchenna, his wife Rosemary Uchenna, and their...

Next Post
AKPABIO: REPOSITIONING THE NDDC

AKPABIO: REPOSITIONING THE NDDC




Related News

Civil Servants With Disabilities Appeal For Special Allowance

Civil Servants With Disabilities Appeal For Special Allowance

15 Die, 38 Injured As Truck Plunges Into Ogun River

15 Die, 38 Injured As Truck Plunges Into Ogun River

‘I Just Want A Lot Of People To Stay Away From Me’ – Nollywood Actress, Mercy Johnson

‘I Just Want A Lot Of People To Stay Away From Me’ – Nollywood Actress, Mercy Johnson




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
advert@nextedition.com.ng
vicki.ibanga@gmail.com

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited