Most investors in the Nigerian stock exchange know Dangote Cement alone makes up about 25% of the N13tr NSE Market cap. This obviously means a major gain or loss in the value of Dangote Cement is bound to affect the NSE All Share Index. In addition to this, I just learnt from an article in the Punch that indeed the quartet of Dangote Cement, NBL, Nestle and GTB do in fact produce a different kind of impact. The article quoted the Stockbroker as saying;
Dangote Cement Plc, Nestle Nigeria Plc, Nigeria Breweries and Guaranty Trust Bank Plc account for about 50 per cent of the total market capitalisation. So, invariably, there is no depth.
And this implies that if all the four companies gain about two per cent, even if other securities lose greatly, there won’t be any impact. And in a situation whereby they gain about two per cent in a day, the market may move up by about one per cent.”
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