Index to Nigerian Newspapers

Dangote Sugar Refinery reported a loss after tax of one hundred ninety-two point six billion naira for the financial year ending December 2024, marking a significant increase from the previous year's loss. Although the company achieved a fifty-one percent increase in revenue to six hundred sixty-five point six billion naira, soaring production costs and a dramatic surge in finance expenses severely eroded its profitability, widening its pre-tax loss. Despite these heavy financial losses, a substantial revaluation surplus boosted the firm's total comprehensive income, while its total assets grew significantly to over one trillion naira, driven by increases in property, plant, and equipment. In response to these financial pressures, the company launched an offering to raise fifty billion naira from debt capital market investors through commercial papers.

Trading activities on the floor of the Nigerian Exchange Limited closed on a negative note as investors lost N344.95bn, with the sharp decline tripling the market’s previous gains. The benchmark index and total market capitalization dropped significantly due to heavy sell-offs, reflecting weak investor sentiment as forty-four stocks recorded losses against only seventeen gainers. Despite sustained market volatility and high trading volumes across various equities, major companies suffered maximum losses of ten percent. This downturn wiped out recent gains, contrasting with the positive performance recorded during the previous trading session when the exchange received a boost from additional share listings.