• Sunday, July 14, 2024
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BusinessDay

Airtel, Berger Paints, others cause market’s N500bn loss as week opens

Stock investors book N140bn loss as market dips by 0.35% in one week

Nigeria’s equities market opened this week on a negative note, down by 0.89 percent or about N500billion at the close of trading on Monday.

The market’s negative start to new week was majorly driven by investors who sold Airtel Africa Plc which led league of laggards.

Airtel share price dropped from a high of N2,200 to N1,980, down by N220 or 10percent.

It was followed by Berger Paints which dropped from N13.70 to N12.35, losing N1.35 or 9.85percent, while IMG decreased from N13.75 to N12.40, down by N1.35 or 9.82percent.

The All Share Index (ASI) closed south from 99,587.25 points recorded the preceding trading day to 98,703.68 points while the market capitalisation dropped from N56.323trillion to N55.823trillion. The market’s year-to-date (YTD) return stood lower at 32 percent.

Access Holdings, UBA, GTCO, and Zenith Bank were the most traded stocks on Monday as investors in 10,624 deals exchanged 421,727,563 shares worth N8.953billion.