Following sharp declines in the stock prices of Airtel Africa Plc, Beta Glass Plc, and NEM Insurance Plc last week, investors lost N1.7tn at the close of trading on the floor of the Nigerian Exchange Limited.
On October 14, 2023, the market entered the trading week with N25.91 trillion and closed at 24.182 trillion on October 21, 2023.
The loss of N2.3 trillion by Airtel Africa, Beta Glass, and NEM Insurance collectively at the close of the trading week to lead the losers’ list was a key contributor to the depreciation.
Airtel Africa Plc was the worst performer, falling from N1,800 per share to N1,312 per share, a loss of 27.10%. Beta Glass Plc’s share price also decreased, falling from N46.10 at the start of the trading week to N41.50 at the closing.
The local stock exchange ended the day in the red, down 667 basis points or 6.7% so far this week.
The Insurance index was the biggest loser of the week under review, falling by 370 basis points to close with value exchanged at N4.4m and volume traded at 6.6 million units.
Similar declines were seen in the Oil and Gas index, which lost 150 basis points, and the Consumer Goods index, which lost 90 basis points, with volume and value traded closing at 3.3 million units and N67.9 million, respectively.
The Industrial Goods and Banking indices, on the other hand, had gains of 320 bps and 120 bps, respectively. At the end of the trading week, the two indexes’ volume traded finished at 1.6 million units and 65.0 million units, respectively, while their value traded closed at N50 million and N1.7 billion. Investors traded shares on the Exchange floor for a total of 938.020 million shares worth N16.701 billion in 15,700 transactions throughout the course of the week.