Ripples Nigeria
Dangote Cement board of directors are to meet after the company’s market stock bubble burst, costing shareholders of the firm N78.38 billion in one month.
In its filing to the Nigerian Exchange Group on Friday, it was gathered that the board meeting will hold next month, October 31, 2021, with one of the discussion expected to be the Q3 financial statement.
In respect to the upcoming meeting, Dangote Cement has barred persons in possession of sensitive financial materials from trading on the company’s stock from October 1, 2021, until 24 hours after the results has been released.
This restriction comes a month after investors lost N78.38 billion due to a 2 percent drop in Dangote Cement’s stock market value between August 27 and September 23.
The loss was triggered by sell off among some shareholders who engaged in profit-taking following the firm’s stock bubble which was driven by the release of Q2 2021 financials on July 30.
