The All Share Index(ALSI) was down on Monday ,April 9,2018,by 1% from 40,842 to 40,429,majorly due to the market price of Lafarge’s(WAPCO) stocks.Market price of Lafarge’s stock(WAPCO) nosedived by 7.2%,the highest for the day, closing at N41 compared to an opening price of N44.2 .Investors were reacting to its audited financial performance which was very woeful and somehow unprecedented.

This performance also had an industrial adverse effect on Dangote Cement stocks which also lost value by 1.1%,from N254.9to N252.Total market capitalisation(value) of Dangote Cement is put at N4.34trillion.WAPCO had a total market capitalization of N355.61billion as at Monday.

Thus the combined market capitalisation of the two comapnies represent a very substantial 33% of the total stock market capitalisation of N14.56trillion.Little wonder then,the effect of their market price decline, on the overall ALSI index drop of 1%.

The parent company Lafarge Africa Plc ,in its audited financial report, recorded a group’s net loss of N34.6billion,for the year ended December 31,2017.This result is quite abysmal when compared to a profit of N16.8bn recorded in 2016.It however posted a gross sales of N299 billion, representing a 36% growth relative, to the corresponding period in 2016.

The outrageous loss is attributable to impairment of assets to the tune of N19.1billion and the South Africa’s net loss contribution of N18.7billion.

https://www.financialdigest.com.ng/

Thankyou.

Some mischievous media attributed it to Buhari's declaration

They are trying to shift the blame from Buhari...

eezeribe:
They are trying to shift the blame from Buhari...

??

eezeribe:
They are trying to shift the blame from Buhari...

how?