• Wednesday, May 29, 2024
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This blue chip stock fell to a 4yr low and dragged the stock market down

This blue chip stock fell to a 4yr low and dragged the stock market down

Bellwether stock Dangote Cement fell by the most allowable in a day to price its lowest in four years on Tuesday, dragging the market 0.71% lower in the day.

The cement maker, which accounts for about 21% of the entire market capitalisation, fell by 10% to close at N137.7 a unit, a level last seen in February 2016.

The decline in Dangote Cement offset gains in Access Bank (10%), United Capital (10%), Cadbury (9.62%), FCMB (9.66%), Union Bank and Wema Bank (9.09%), to drag the market’s year-to-date return to -16.02%.