Over N360bn lost as investors sell Airtel, other Nigerian stocks

Nigeria’s stock market decreased further by 2.15percent or N364billion as Airtel and other stocks recorded major sell off on Tuesday June 22.

The huge loss seen on the Nigerian Bourse has pushed the market’s negative return year-to-date (YtD) higher to -6.02percent percent.

The share price of Airtel Africa recorded the highest dip on the Bourse, after it moved from N753.30 to N678, losing N75.30 or 10percent.

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The Nigerian Exchange Limited (NGX) All Share Index (ASI) and market capitalization decreased further to 37,847.07points and N19.725trillion respectively from preceding day’s highs of 38,545.3points and N20.089trillion.

In 3,524 deals, investors exchanged 218,271,039 units valued at N2.725billion. Transcorp, Vitafoam, Dangote Sugar, FBN Holdings and Access Bank were most traded counters on the NGX.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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