• Thursday, July 25, 2024
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Stock market loses N1.77trn in 3 days as investors sell Airtel, others

Stock market extends rally by 0.53%

In three trading days to Wednesday, Nigeria’s equities market lost about N1.77trillion, no thanks to Airtel Africa Plc which consistently occupied the topmost position among other laggards.

The market dipped by 2.31 percent or N571billion at the close of trading session on Wednesday. This negative has pushed further low, the equities market’s positive return year-to-date to +3.75percent.

This week, the market has decreased 6.83percent, while this month of October it has declined by 9.60 percent.

The market rout persisted on Wednesday as attractive entry prices of most value counters failed to drive demand on the Bourse.

Read also: NGX sees 205% jump in trading volume

Airtel Africa led the laggards league after its share price decreased from N1,458 to N1,312.20, losing N145.80 or 10percent, while MRS followed after dipping from N14.35 to N12.95, losing N1.40 or 9.76percent.

In 3,183 deals, investors exchanged 165,352,168 shares valued at N3.673billion. FBN Holdings, GTCO, Sterling Bank, Chams and Zenith Bank were top-5 traded stocks on the Nigerian Exchange Limited (NGX).

The stock market’s All-Share Index (ASI) decreased further from preceding day’s high of 45,366.32 points to 44,318.15 points.

Its Market Capitalisation also decreased from N24.709trillion on Tuesday to N24.138trillion.

Both indicators stood at 47,569.04 points and N25.909trillion as at last week Friday.