Union Dicon Salt Shares Surge 250% as Speculators Chase Idle Nigerian Factory
Updated
Updated · Bloomberg · Jun 11
Union Dicon Salt Shares Surge 250% as Speculators Chase Idle Nigerian Factory
1 articles · Updated · Bloomberg · Jun 11
Summary
Union Dicon Salt has jumped almost 250% this year, placing the moribund company among Nigeria’s 10 best-performing stocks.
Small-time speculators have been buying the shares in droves, driving a rally that even Union Dicon executives say they cannot explain.
The surge has come despite the salt factory in Abuja sitting largely idle for most of the past two decades.
Losses have continued to mount and the company’s largest shareholder has seemingly disappeared, underscoring the disconnect between its market value and operating reality.