Ranked as one of the top performers on the Nigerian Exchange (NGX) in the just concluded week, Dangote Sugar Refinery (DSR) Plc surged by more than 13% ahead of third quarter earnings release.
The consumer goods stock has been relatively volatile due to rapid sell down by equities investors trading highs and lows on the NGX as part of portfolio rebalancing and earnings expectations.
The market value of the Sugar Refinery popped after investors increase buying interest on the ticker on the Nigerian Exchange trading platform.
According to its performance record, Dangote Sugar Refinery share price climbed by 13.1% week on week to N35.05 on Friday, from N31.
At the current market price, the consumer goods company is trading at about 61% discount to its 12 months high on the Nigerian Exchange as of Friday close.
Dangote Sugar share price had peaked at N89.50, the best in the last 12 month while its lowest price over the same period was N30.60.
This suggest that the stock has suffered from sell side actors taking quick profit as it is more closer to its 32-week low than it is to its 52-week high.
NGX stocks data showed that the company’s 12.146 billion shares outstanding is now worth N425.748 billion at the end of the trading session on Friday.
Source: dmarketforces.com
