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Investors lose N684b as banking stocks crash

02 June 2016, 19:43

Abuja - Nigerian equities on Wednesday came under intense pressure, piling up a net loss of about N684 billion within the 10-hour trading sessions in the past two days, Nation reports

Against the background of N425 billion on Tuesday, aggregate market value of all quoted shares dropped by N259 billion. The two-day loss surpassed the total net gain of N613 billion recorded in the previous week.

With nearly five losers to every gainer, aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE), which had opened this week at N9.926 trillion, dropped to N9.501 trillion on Tuesday and trended further downward to N9.242 trillion.

The All Share Index (ASI), the benchmark index for the Nigerian stock market, which had depreciated by 4.29 per cent on Tuesday, dropped further by 2.72 per cent, pushing the average year-to-date return deep into negative at 6.05 per cent.

Punch reports that Zenith Bank Plc, Ecobank Transnational Incorporated Plc, FBN Holdings Plc, Lafarge Africa Plc and United Bank for Africa were the top five losers.

The shares of Zenith Bank depreciated by N1.60 (9.65 per cent) to close at N14.96 from N16.58, while those of Ecobank shed N1.73 (9.58 per cent) to close at N16.32 from N18.05.

FBN Holdings share price also fell to N3.95 from N4.36, losing N0.41 (9.40 per cent), while that of WAPCO closed at N76.57 from N83.01, losing N6.44 (7.76 per cent).

- News 24

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