Nigeria’s stock market crashes to nine-month low as sell-off in Airtel, Dangote Sugar wipes off N655.2bn

The value of investments in the Nigerian capital market crashed by -2.52 percent at the close of trading on Monday.

The equity capitalization dipped by N655.29 billion from N25.90 trillion to N25.25 trillion as a sell-off among investors in Airtel Africa, Dangote Sugar and others dragged the bourse down to its lowest returns in nine months.

Similarly, the All-Share Index dropped by 1,203.09 basis points to close with 46,365.95, down from 47,569.04 posted last Friday.

On Monday, investors traded 137.98 million shares worth N4.31 billion in 3,234 deals.

This slightly surpassed the 124.43 million shares valued at N4.27 billion which exchanged hands in 3,101 deals on Friday.

PZ led the gainers’ list with a N0.80kobo rise in share price, moving from N8.40kobo to N9.20kobo per share.

UPL gained N0.14kobo to move from N1.50kobo to N1.64kobo per share.

Courtville’s share value was up by 4.35 percent to end trading with N0.48kobo from N0.46kobo per share.

READ ALSO: Nigerian stock market records sluggish growth despite rise in investment level

Cutix gained 3.50 percent to close at N2.07, above its opening price of N2 per share.

Wapic’s share traded upward by 2.86 percent to rise from N0.35kobo to N0.36kobo per share.

Airtel Africa topped the losers’ table after shedding N180 to drop from N1800 to N1620 per share.

Sovereign’s share price dropped by 7.14 percent to end trading at N0.26kobo from N0.28kobo per share.

AIICO lost 7.02 percent to end trading with N0.53kobo from N0.57kobo per share.

Dangote Sugar lost N0.45kobo to drop from N16.05 to N15.60kobo per share.

Fidson’s share dropped from N9.17kobo to N8.94kobo per share after losing N0.23kobo during trading.

GTCO led the day’s trading with 33.71 million shares valued at N609.86 million.

Courtville sold 26.13 million shares worth N12.54 million.

Fidelity Bank followed with 19.97 million shares valued at N69.02 million.

Sterling Bank traded 8.92 million shares worth N13.76 million, while UBA traded 6.52 million shares valued at N44.99 million.

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