Nigeria’s capital market crashes as investors lose N620bn in 8 hours

The Nigerian capital market recorded a loss of N620 billion following the dip in equity capitalization by -2.25 percent on Tuesday.

At a time, sell-off among investors remains the major activity in the capital market, the equity capitalization has continued on the downward trend, dropping from N27.23 trillion to N26.61 trillion after eight hours of trading on Tuesday.

Also, the All-Share Index dropped by 1,139.02 basis points to close at 49,350.71, down from 50,489.73 posted on Monday.

Investors traded 140.61 million shares valued at N1.60 billion in 3,895 deals.

This fell short of the 207.19 million shares worth N2.11 billion which exchanged hands in 4,234 deals on Monday.

Prestige led the gainers with 10 percent rise in share price to move from N0.0.40kobo to N0.44kobo per share.

NEM gained N0.34kobo to move from N3.40kobo to N3.74kobo per share.

Ellah Lakes share value was up by N0.35kobo to end trading with N3.93kobo from N3.58kobo per share.

Multiverse gained N0.18kobo to close at N2.06, above its opening price of N1.88kobo per share.

Ikeja Hotel’s share price rose by 9.28 percent to end trading at N1.06 as against the previous N0.97kobo per share.

READ ALSO: Investors lose N120bn amid significant sell-off in Nigeria’s capital market

Cornerstone topped the losers’ chart after shedding 9.33 percent to drop from N0.75kobo to N0.68kobo per share.

Dangote Cement’s share price dropped by N24 to end trading at N241 from N265 per share.

Japaul Gold lost 8.11 percent to end trading with N0.34kobo from N0.37kobo per share.

Sovereign Insurance share dropped from N0.27kobo to N0.25kobo per share after losing 7.41 percent during trading.

Stanbic IBTC lost N2 to drop from N31 to N29 per share.

Japaul Gold led the day’s trading with 23.18 million shares valued at N8.95 million.

AIICO sold 14.84 million shares worth N8.44 million.

Sterling Bank followed with 14.30 million shares valued at N21.41 million

Sovereign Insurance traded 10.11 million shares worth N2.57 million, while GTCO traded 7.85 million valued at N160.96 million.

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