Airtel, Beta Glass, NEM Insurance Lose N2.4 Trillion To Top The Week’s Losers

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Airtel Africa Plc, Beta Glass Plc, and NEM Insurance Plc recorded a collective loss of N2.3 trillion at the end of this week’s trading to rank as the top three losers. This followed sustained sell pressure witnessed on the stocks.

Checks by Nairametrics showed that the stocks of Airtel Africa Plc, one of the major telecommunications companies quoted on the NGX, led the losers’ chart after dropping by 27.10% to N1,312 per share from N1,800 per share.

Also, the shares of Beta Glass Plc lost 9.98% to close at N41.50 per share, from N46.10 at the opening of the trading week.

In the same vein, the shares of NEM Insurance Plc shed 9.98% to close trading at N4.42 per share from N4.91.

The NGX All-Share Index and Market Capitalization depreciated by 6.67% to close the week at 44,396.73 and N24.182 trillion respectively.

Airtel, Beta Glass, NEM Insurance Lose N2.4 Trillion To Top The Week’s Losers

Similarly, all other indices finished the week low except for NGX CG, NGX Banking, NGX Pension, NGX AFR Bank, NGX AFR Div Yield, NGX MERI Growth, NGX MERI Value, and NGX Industrial which appreciated by 0.17%, 0.15%, 0.58%, 2.10%, 2.45%, 1.22%, 3.12%, and 3.22% respectively.

Meanwhile, the NGX ASeM, NGX Growth, and NGX Sovereign Bond indices closed flat.

Thirty-three equities appreciated during the week, higher than twenty-five equities in the previous week. Twenty-nine equities depreciated at a price higher than twenty-four in the previous week, while ninety-five equities remained unchanged, lower than one hundred and eight equities recorded in the previous week.

A closer look at the share movement revealed that Airtel Africa fell for three consecutive days during the week to close its last trading day (Friday, October 21, 2022) with a share price of N1,312.20 and N4.931 trillion in market capitalization.

The stock had begun the week with a share price of N1,800 N6.764 trillion in market capitalization. Unfortunately, it ended the week’s trading session with a cumulative loss of N1.833 trillion in market capitalization.

Beta Glass Plc closed the last trading day at a share price of N41.50 and with a market capitalisation of N24.898 billion as against a share price of N46.10 and market capitalisation of N27.658 billion during the preceding week, thus losing N2.760 billion or 9.98%.

NEM Insurance Plc also closed last trading day at a share price of N4.42 and market capitalization of N22.172 billion as against N4.91 per share and N24.630 billion in market capitalization, hence, losing N2.458 billion or 9.98%

The build-up to the 2023 general election and hike in interest rates has started impacting the market negatively. Foreign and domestic investors are exiting the market, which is sparking up a liquidity crisis.

Market experts believe that domestic Investors’ sentiment is usually weak as they seek to reduce their market exposure when elections draw closer. The intensity of the impact is usually a function of the degree of political tension and uncertainty generated by political activities.

Source: Nairametrics