Dangote Cement Plc plunged 10% on Thursday to N1,341 per share as it reversed part of a recent rally that had pushed the cement manufacturer’s share price as high as N1,490.
The stock lost N149 in a single trading session from its previous closing price of N1,490, making it one of the biggest decliners on the Nigerian Exchange on November 5, 2026.
The sharp decline followed a strong rally in the previous week when Dangote Cement emerged as the best-performing stock on the NGX.
During the week ended October 30, the company’s share price jumped 27.81% from N1,111 to N1,420, representing an increase of N309 per share.
The rally subsequently extended beyond N1,420, with Dangote Cement reaching N1,490 before Thursday’s sharp reversal.
From N1,111 to N1,490, the stock had appreciated by approximately 34.1%, adding N379 per share before the latest selloff.
Thursday’s decline erased a significant portion of those gains, pushing the share price N79, or 5.6%, below the N1,420 closing price recorded at the end of last week.
However, at N1,341, Dangote Cement remains N230, or approximately 20.7%, above the N1,111 level from which the recent rally started.
The reversal came during a broader decline in the Nigerian equities market, with the NGX All-Share Index falling 1.98% to 249,710.59 from 254,762.81 in the previous session.
Equities market capitalisation also dropped by approximately N3.28 trillion to N162.13 trillion from N165.42 trillion, highlighting the scale of Thursday’s market-wide selloff.
The decline contrasts sharply with the previous week’s performance when a 27.8% rally in Dangote Cement accompanied a 14.58% surge in the NGX Industrial Goods Index and helped lift the broader market.
Thursday’s 10% drop therefore marks a significant reversal for a stock that had been one of the strongest contributors to the market’s recent advance.
Despite the decline, Dangote Cement has not erased its entire recent rally. The stock remains more than 20% above N1,111, meaning further price movements will determine how much of the previous advance can be sustained following Thursday’s sharp correction.
