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NGX Changes Stock Prices of Dangote Cement, Caverton

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Dipo Olowookere

The Nigerian Exchange (NGX) Limited has changed the stock prices of Dangote Cement Plc and Caverton Offshore Support Group Plc.

The prices of these companies’ equities were modified on Wednesday, April 28, 2021, and it was an action purely taken by the exchange to reflect the dividends recommended by respective boards of the two publicly quoted firms.

Some weeks ago, when the boards of the organisations announced the proposed payment of cash rewards to their respective shareholders, they fixed April 27, 2021, as the qualification dates.

Dangote Cement, a major player in the nation’s cement industry said it was paying a final dividend of N16 for the year ended December 31, 2020, while Caverton recommended 10 kobo.

Business Post reports that at the close of business on Tuesday, the share price of Dangote Cement settled at N220 per unit and with the N16 dividend, its equity price was adjusted today to N204 per unit.

As for Caverton, its value at the close of transactions was N1.90 and this morning, the exchange changed it to N1.80 to reflect the deduction of the 10 kobo.

The NGX informed stockbrokers of this development on Wednesday with a notice, which read, “The equity prices of Dangote Cement Plc and Caverton Offshore Support Group Plc were adjusted today, April 28, 2021, for dividends as recommended by their respective boards of directors.”

Last year, Dangote Cement reported a profit before tax of N373.3 billion, higher than N250.5 billion in the prior year, while the profit after tax of N276.1 billion in contrast to N200.5 billion of the preceding year.

The cement firm recorded higher profits as the revenue generated in the year under review rose to N1.0 trillion despite the economic and health challenges from N891.7 billion achieved in 2019.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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