On Thursday 11 July, Investors in the Nigerian Stock Exchange saw the value of their investments decline by N265bn.<br>The market capitalization of equities was lifted above N14tn as the market recorded a marginal gain at the close of trading, After the listing of Airtel Africa Plc’s shares on the NSE on Tuesday.
On Wednesday 10 July, The market shed N30bn and on Thursday 11 July it shed N265bn as the market capitalization dropped from N14.258tn on Wednesday to N13.993tn on Thursday.“The negative performance on Thursday was due to sell pressures in bellwether stocks, namely Airtel, MTN Nigeria Communications Plc and Nestle Nigeria Plc, which dragged the All Share Index lower by 186 basis points to settle at 28,712.90bps while the year-to-date return worsened to -8.6 percent,” Analysts at Afrinvest Securities Limited said.<br>The level of Activity also declined as volume and value traded dipped by 0.2 percent and 14.6 percent to 188.4 million units and N3.2bn, respectively.<br>
The top traded stocks by volume were FBN Holdings Plc (50.1 million units), Zenith Bank Plc (21.1 million units) and Access Bank Plc (18.9 million units) while MTN Nigeria (N724.9m), Zenith Bank (N404.3m) and Guaranty Trust Bank Plc (N380.7m) led the top trades by value.
Investor sentiment weakened to 0.6x from 0.9x on Wednesday as 18 losers outweighed the performance of the 10 gainers recorded.
AXA Mansard Insurance Plc, Airtel Africa, Cement Company of Northern Nigeria Plc, Consolidated Hallmark Insurance Plc and Nestle, whose respective share prices depreciated by 10 percent, 9.99 percent, 9.77 percent, 9.09 percent and 4.83 percent, were top five losers
Due to this, The price of Airtel Africa shares has dropped by 18.98 percent in the last two days.
The share price, which rose from a listing price of N363 to N399.30 on Tuesday, dropped by 9.99 percent on Wednesday to close at N359.40.
On Thursday, The telecommunications company’s share price dropped further shedding 9.99 percent to close at N323.50.
on Tuesday; Airtel Africa listed on the NSE about two weeks after its listing on the London Stock Exchange, offering 3,758,151,504 ordinary shares, which makes it the third-largest company on the NSE by market value, after Dangote Cement Plc and MTN Nigeria Communications Plc.