NGX Sheds N430bn over Selloff in Airtel Shares

NGX Sheds N430bn over Selloff in Airtel Shares

After two days gaining streaks in the New Year, the Nigerian Exchange (NGX) lost N430 billion on Thursday as equities investors began to take early profit.

Stockbrokers told MarketForces Africa that trading activities on the floor of the Nigerian Exchange closed negative, wiping off entire capital appreciation seen in the year.

Stock market capitalisation fell N430 billion or 1.53 per cent to close at N27.706 trillion from N28.136 trillion on Wednesday. Also the All Share Index (ASI) dropped by 789.04 points or 1.53 per cent to close at 50,868.52 from 51,657.56 recorded on Wednesday.

The downturn in the performance of the market was due to profit-taking in Airtel Africa Plc and 15 others. As measured by market breadth, market sentiment was positive as 20 stocks gained relative to 15 losers.

Prestige Assurance led the losers’ table, dropping by 8.7 per cent to 42k per share, followed by Airtel Africa that depreciated by 8.26 per cent to close at N1,500 per share.

UPL Plc was down by 7.37 per cent to N1.76 as NPF Microfinance bank declined by 7.10 per cent to close at N1.76 per share. In addition, Royal Exchange down by 6.36 per cent to close trading at N1.03 per share.

On the gainers’ chart, Johnholt Plc appreciated by 10 per cent to 88k per share as Honeywell Flour Plc gained 9.96 per cent to N2.43 per share. CWG added 9.78 per cent to N1.01 per share as UACN rose by 4.88 per cent to N10.75 per share.

The total volume and value decreased by 57 per cent and 58 per cent respectively, as investors exchanged about 139 million units of shares worth N1.83 billion. >>Nigerian Treasury Bills Yield Spikes, FGN Bonds Bump

Sterling Bank Plc dropped by 2.10 per cent, the most actively traded stock with about 29 million units of shares worth about N41 million. # NGX Sheds N430bn over Selloff in Airtel Shares

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