Dangote Loses N240b To CoronaVirus In 5 hours - DaOptimistic World




Friday, 13 March 2020

Dangote Loses N240b To CoronaVirus In 5 hours

Dangote loses N240b to coronavirus in 5 hours

Aliko Dangote, the richest man in Africa, lost more than N240 billion in five hours on Wednesday as the impact of coronavirus on the stock exchange hit more hard.

Wednesday, the World Health Organization (WHO) declared coronavirus a pandemic A pandemic is a disease that rapidly spreads through many countries across the world.

Some of Dangote's parent-company companies, Dangote Group, suffered major market losses.

In the last three days, investors have suffered a massive N1.41 trillion loss to the pandemic that is wreaking havoc across the globe.

Benchmark stock indices reported an average fall of 3.4 per cent on Weednesday, which is equal to N426 billion net capital depreciation. Between Monday and Tuesday the equities lost N985bn.

Dangote Cement Plc, Dangote Industries Limited's flagship (DIL), led the decline with a daily cumulative allowable decrease of 10 per cent or N17, equivalent to a net depreciation of N289.68 billion. Dangote Cement is the most capitalized quoted firm in Nigeria and represents more than 20% of the overall market capitalization.

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.

Source: The Nation

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