Union Dicon Salt Shares Surge 250% as Speculators Lift Idle Nigerian Factory
Updated
Updated · Bloomberg · Jun 11
Union Dicon Salt Shares Surge 250% as Speculators Lift Idle Nigerian Factory
1 articles · Updated · Bloomberg · Jun 11
Summary
Union Dicon Salt has climbed nearly 250% this year, pushing the moribund company into Nigeria’s top 10 best-performing stocks despite years of operational stagnation.
Small retail speculators appear to be driving the rally, and even company executives say they cannot explain the buying spree.
The move stands in sharp contrast to the business itself: the factory in Abuja has been largely idle for most of the past two decades while losses continue to mount.
Its biggest shareholder has also seemingly disappeared, underscoring how far the market surge has detached from the company’s underlying condition.