Since the emergence of the deadly Coronavirus, the world economy has continued to be affected negatively causing big companies to lose stocks and share prices.
One recent victim of the economic instability is Alhaji Aliko Dangote who reports emerged lost N240billion on Wednesday, March 11, 2020, due to the effect of the Coronavirus on the Stock Exchange.
According to a report by THE NATION, some of Dangote’s subsidiary companies suffered huge loses at the market. 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.
The global pandemic has adversely affected business operations in many countries who regularly trade with China – the country where the virus emerged and is mostly affected.
It would be recalled that only a week ago, Dangote through his foundation, Aliko Dangote Foundation (ADF) pledged about N200million to help the Nigerian government curb the spread of the virus. Also in 2014, the philanthropists committed N1billion to tackle Ebola virus in Africa.
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