April 18 (Bloomberg) -- Dangote Sugar Refinery Plc, Nigeria’s biggest grower of the sweetener, dropped the most in almost three months after announcing a dividend that missed investors’ expectations.
The stock declined 4.8 percent, the most since Jan. 22, to close at 7.90 naira in Lagos, Nigeria’s commercial capital. About 6.5 million shares changed hands, or 75 percent of the three-month daily average volume, according to data compiled by Bloomberg.
Dangote Sugar posted net income of 10.7 billion naira ($67.5 million) for the year through December, compared with 7.56 billion naira a year ago, it said yesterday in a statement on the Nigeria Stock Exchange website. Revenue slipped to 106.9 billion naira from 107.2 billion naira. The company proposed a dividend of 50 kobo per share.
“We estimated the divided at 59 kobo while the consensus was for 52 kobo,” Uwadiae Osadiaye, an analyst at Lagos-based FBN Capital Ltd., said in a telephone interview today.
Dangote Sugar shares have risen 32 percent this year, compared with a 17 percent increase in the Nigerian Stock Exchange All-Share Index.
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