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Home Business & Finance

Dangote Group Stocks Decline Amid Merger Denial And Forex Crisis

Nnaemeka OkwarabyNnaemeka Okwara
August 15, 2024
in Business & Finance
0
Dangote Group Stocks Decline Amid Merger Denial And Forex Crisis
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The Dangote Group, comprising of Dangote Sugar Refinery and NASCON Allied Industries, has experienced a decline in stock prices due to foreign exchange losses and being denied by Securities and Exchange Commission (SEC) on a merger deal proposed by them.

According to analysts, the continuing pressures arising from inflation and a lot of foreign exchange volatility have impacted negatively on what they face. The fall in naira upsurge the expenses incurred in importing raw materials thus pressuring profit margins thinly.

Between May 2024 and August 2024, Dangote Sugar Refinery’s stock price went down by 18.67 % from N45.00 to N36.60 due to supply chain disruptions and fluctuating sugar prices, while NASCON Allied Industries’ stock price dropped with 12.57 % from N37.00 to N32.45 within the same durations.

As an exception though, Dangote Cement grew its share prices by 41% only between May rising from N419 to N591 up till early August.

But this September the proposed merger between Dangote Sugar Refinery, NASCON and Dangote Rice Limited has been suspended because SEC was concerned that Dangote Rice Limited was not operating.

Shareholder’s advocacy group, Bisi Bakare, attributed losses in foreign exchange as well as inflationary pressures and high interest rate as reasons behind decrease in their prices, while Financial analyst Ariyo Olugbosun pointed out SEC’s denial of merger request was responsible for stock price volatility.

Boniface Okezie, the president of Progressive Shareholders Association of Nigeria, stated that forces governing the market caused the changes which were witnessed in the entire sector. Referencing regulatory challenges stalling the refinery project, he called for urgent measures aimed at saving the oil and gas sector from further harm.

Meanwhile, there are worries regarding foreign investments because of falling Dangote Group shares; hence, Boniface has called for urgent resolve so as to keep on attracting foreign capital into Nigeria.

Tags: BusinessDangote groupDangote Group Stocks Decline Amid Merger Denial And Forex CrisisDeclinefederal characterForexNewsstocks
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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