Sell-offs in the Nigerian equity market have triggered a N622 billion loss in the market capitalization of Cement firms since the beginning of February, as wary investors offload.
A review of the performance of the cement stocks on NSE revealed that the market capitalization of Dangote, BUA, and Lafarge from the open of trade on February 1 till the close of trading activities on February 22 has declined from N7.18 trillion to N6.56 trillion.
Dangote Cement has declined from N4.02 trillion to N3.75 trillion. However, the market cap of BUA Cement has also declined from N2.68 trillion to N2.44 trillion, while that of Lafarge has declined from N483 billion to N371 billion. Combined the three cement giants have lost N622 billion in market capitalization.
Dangote Cement lost the most with N270 billion followed by BUA with N240 billion and Lafarge with N112 billion. As a percentage of market capitalization, Lafarge is down by a whopping 23%.