The shares of Lafarge Africa Plc decreased from N22.25 per share at the start of trading on Tuesday, November 15, to N20.10 at the end of the trading session.
The decline represents a 9.66% loss, even as the cement maker’s market capitalization dropped to N323.766 billion from N358.398 billion.
This resulted in a loss of N34.631 billion in market capitalization at the close of trading activities on the Nigerian Exchange.
According to Nairametrics, the stock price drop can be attributed to investors’ negative sentiment which triggered sell-offs, plunging the company’s value down as build-up to the 2023 election and interest rate hike continued to impact negatively on the market.
Lafarge Wapco began the year with a share price of N23.95 but has since lost 16.1% off the price valuation.
Lafarge Africa announced revenue of N269.8 billion for the third quarter period ended September 2022, up from N219.2 billion recorded in 2021. This represents an increase of 23.08%.