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Market Digest Nigeria

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Dangote ’s companies amid claims AMCON

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Sell-off trails Dangote ’s companies amid claims AMCON may take over refinery

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Amid reports of Aliko Dangote refinery takeover by the Nigerian government over a $7 billion debt, Dangote Cement and Dangote Sugar have continued to trade flat in investments’ value.

Despite denials from the Asset Management Corporation of Nigeria (AMCON) the government agency reported to takeover the refinery, shareholders of Dangote’s Sugar upped their sell-off.

The shareholders are cashing out on their investments, selling off their stocks amid a sideways trade that has been on for about three weeks.

Dangote’s Sugar shareholders increased their sell-off from 848,354 volume of shares on Tuesday to 3.64 million on Wednesday, a day after the takeover report – with stock value remaining constant at N18 per share.

Meanwhile, Dangote’s Cement investment value was down by 3.26 percent to N4.08 trillion on Monday against the N4.22 trillion it was last week Friday – and it has remained same since.

The cement shareholders and investors also upped their participation on Wednesday, but activities was low since N138.02 billion was wiped off Dangote’s Cement investment value on Monday.

The low trade also saw flat price, as the cement stock value remained at N240 per share. This held down Aliko Dangote’s fortune, which has been losing steam.

Since Dangote’s worth dropped to $17.8 billion on Monday, from $18.1 billion, the fortune has remained stagnant due to flat trades across his quoted companies.

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