The shares of Lafarge Africa shed N31.4bn in just 24 hours of trading on the floor of the Nigerian Stock Exchange (NSE), declining from a market capitalisation of N450.212bn and a share price of N27.95 per share on Thursday to 418.802bn on Friday, indicating a loss of N31.4bn or 6.98 per cent.
The industrial good giant which opened trading for the day at N27.95 per share closed at N26, dropping N1.95, representing a 6.98 per cent depreciation in share value thereby becoming the biggest losers on the stick market.It outstanding shares currently stands at 16,107,795,496.
The sharp slump of its shares Friday may have been impacted by its Board’s decision to divest 35 per cent shareholding in Continental Blue Investment Ghana Limited..
The Board of Lafarge Africa Plc had on Thursday announced that it would divest 35 per cent of its shares in Continental Blue Investment Ghana Limited, adding that the resolution was taken after its board meeting.
“Pursuant to the emergency meeting of the Board of Lafarge Africa Plc (“Lafarge Africa” or “the Company”) held today, Wednesday, 20th January 2021, the Board resolved and hereby notifies the Nigerian Stock Exchange (“the NSE”) of its decision to divest its 35 per cent shareholding in Continental Blue Investment Ghana Limited (“CBI Ghana”), ” the company said.
As it’s shareholders and investing public await its Q4 financial result for 2020, it must, however, be stated that Lafarge made an impressive showing in its Q3 2020 financial report.
According to its Q3 2020 Unaudited results for the period ended September 30th, 2020, Revenue rose by 10.3 per cent to N180bn from N163bn in the previous quarter.
Its profit before tax surged by 37.1 per cent to N28.2bn, while Profit after tax however declined by 76.5 per cent to N28.2bn.
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