Companies listed in the Nigerian Exchange Limited under the Dangote Group dropped about N1.21 trillion of their market capitalization in July 2024 amid the Dangote refinery crisis.
The companies, Dangote Cement, Dangote Sugar Refinery, and
NASCON Allied recorded a market capitalization decline in the month under
review.
Accordingly, the companies’ share prices declined by 10
percent, 13.6 percent, and 19.8 percent respectively in July, resulting in a
market capitalization loss of N1.21 trillion during the period.
The development comes as the NGX declined by 2.28 percent in
July, with its market capitalization declining by N1.09 trillion during the
period, from N56.602 trillion at the start of the month to N55.514 trillion.
Specifically, Dangote Cement lost N1.12 trillion of its
market cap to close July with a N10.07 trillion market cap, from N11.19
trillion at the start of the month.
Dangote Sugar Refinery Plc recorded a N71.06 billion decline
in its market cap, which moved from N522.32 billion to N451.26 billion and Salt
maker, NASCON Allied Industries posted a N19.7 billion decline in its market
cap, which moved from N93.2 billion to N79.7 billion during the month.
The figure is shown in the statements posted by Dangote
Group.
Consequently, the losses posted by Dangote Group reflected a
N1.02 trillion ($680 million) hit to Dangote’s fortune.
A further analysis shows that Dangote’s net worth dropped to
$13.6 billion in the ending from $14.8 billion according to the Bloomberg
Billionaires’ Index.
This comes amid the recent dispute between Dangote Refinery,
Nigerian National Petroleum Company Limited and the Nigerian Midstream and
Downstream Petroleum Regulatory Authority.
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