Nigeria’s cement sector recorded a significant decline last week as sell pressure on Dangote Cement and BUA Cement wiped out more than N1.47 trillion from the combined market value of listed cement firms on the Nigerian Exchange (NGX).
Trading figures show that the two dominant industry players lost a combined N1.520 trillion in market capitalization, overshadowing modest gains recorded by Lafarge Africa.
Market sentiment deteriorated sharply after uncertainty around the implementation of Nigeria’s newly introduced capital gains tax triggered broad selloffs across the equities market. Although the market recovered partially following regulatory clarification, the NGX still closed the week N1.5 trillion lower at a total market value of N93.5 trillion.
Dangote Cement Plc emerged as the biggest loser as its share price fell by 10%, slashing its market valuation by N1.113 trillion. With 16.873 billion outstanding shares, Dangote Cement’s market cap settled at N10.022 trillion—well below its highest level in the past year.
BUA Cement Plc also posted sharp losses, shedding N406.372 billion in market value as its stock price dropped from N180 to N168. With 33.864 billion shares outstanding, the company saw a week-on-week decline of 6.67%, ending the week at N5.689 trillion.
In contrast, Lafarge Africa Plc (WAPCO) saw renewed investor interest despite the overall bearish sentiment. The company’s share price climbed from N131 to N134, adding N48.323 billion in value. Lafarge Africa now stands at a market capitalization of N2.158 trillion, still 13.15% below its 52-week high.
Overall, the cement index closed the week deep in negative territory as investors exited their positions in reaction to shifting tax policies and broader market uncertainty.
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