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Dangote Cement Falls after Cutting Cement Prices

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Shares in Dangote Cement fell to a 17-month low on Monday after the company announced cement price cuts last week to boost sales volume.

Dangote Cement, owned by Africa’s richest man Aliko Dangote, cut cement prices by around 14 percent to 1,150 naira a tonne for its 42.5 grade cement.

Sales volume for Dangote Cement in Nigeria, Africa’s biggest economy, fell 1 percent to 9.8 million tonnes in the nine months to September, with the company posting a 1.5 percent rise in pretax profit, reports Reuters.

Shares in the cement giant, which account for a third of Nigeria’s stock market capitalisation, shed 5 percent on Monday to 179.11 naira ($1.06).

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