Losses by Airtel Africa, MTN Nigeria Communication, Nigerian Exchange Group, and others reduced the market capitalization by N860 billion at the end of trade on Thursday.
Following sell-offs in Airtel Africa Plc and 22 other companies, the market lost 3.23 per cent or N860 billion on Thursday.
Airtel Africa led the laggards, with its share price falling from N2,000 to N1,800 the previous day, a loss of N200 or 10%.
It was closely followed by Presco, which fell from N142.60 to N128.35, losing N14.25 or 9.99%, and Okomu Oil Palm, which fell from N188.30 to N169.50, also losing N18.80 or 9.98%.
The stock market capitalization fell from N26.6 trillion to N25.741 trillion. Geregu Power, a newcomer, had the largest price rise of 9.91 per cent, closing at N120.90 per share. Livestock Feeds gained 9.8 per cent to close at N1.12, while Cutix gained 8.0 per cent to settle at N2.16, per share.
Cornerstone Insurance increased by 3.92 per cent to 53 kobos, while FCMB Group increased by 3.83 per cent to N3.23 per share. Airtel Africa, on the other hand, led the losers’ table by 10%, closing at N1,800 per share.
Presco fell 9.99 per cent to settle at N128.35, while Okomu Oil fell 9.98 per cent to close at N169.50. Transnational Corporation of Nigeria traded 13.207 million shares valued at N13.823m, while Geregu Power transacted 4.964 million shares worth N586.76m.
