- The war between Dangote Sugar and BUA Foods shifted to the floor of the Nigerian Stock Exchange where Dangote Sugar took a bloody nose
- During the trading session on Wednesday, February 23, 2022, Dangote Sugar Refinery Plc price went down by 5.28 percent
- The company’s market capitalization went down from N218 billion to N207.10 to close at N17.05 per share
The war of who becomes the biggest player in the sugar industry seems to be going the way of BUA Foods which accused Dangote Sugar recently of wanting to create artificial sugar scarcity.
During Wednesday, February 23, 2022 trading session, Dangote Sugar Refinery Plc share price went down by 5.28 percent to close at N17.05 per share, taking the market cap from N218 billion to N207.10 billion.
Aliko Dangote
Decreasing fortunes
The sugar company recorded a decrease in share prices that can e attributed to investors’ negative view which caused sell-offs in the shares of the company at the close of trading activities on the floor of the Nigerian exchange.
The FMCG’s shares went down from N18.00 per share at the start of the trading window and ended the day at N17.05 per share, representing a decline of 5.28 percent.
Stock performance summary
The sugar maker was negatively affected by the company’s market cap which went down from N218.64 billion to N207.10 billion at the end of Wednesday’s trading session.
The shares of Dangote Sugar Plc have dropped by 2.01% from year-to-date, starting the year at N17.40 and currently traded at N17.05. The firm’s shares are currently 9.07% below its 52-week high of N18.75 per share. However, the shares of the company have returned about 13.67% gains for investors who bought them at their 52-week low trading price of N15.00 per share from the previous trading day, to close at 47,207.27 index points and N25.44 trillion respectively.
Dangote Sugar drags BUA Foods over alleged plans to suspend the sale of sugar
Trendynews has reported that the two major sugar manufacturers in Nigeria are up in arms against each other as they throw accusations of wanting to create artificial scarcity of Sugar.
Nairametrics reported that Dangote Sugar is reacting to the allegation by BUA foods that the firm plans to stop the sale of sugar in order to drive artificial scarcity, inflate prices and engage in profiteering.
The company said that BUA Foods has been circulating damaging rumors through a statement published in several media outlets that Dangote Sugar suspended the sale of sugar to force a price hike.
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