The capital market crashed on Wewdnesday leading to loss of over N4.40 billion was by Guaranty Trust Bank’s Chief Executive Officer, Segun Agbaje, and other shareholders.
The deposit money bank’s market capitalisation declined to N863.8 billion at the end of trading on Wednesday. This represent -0.5% decline when compared to the N868.3 billion it opened market with this week.
The crash in the company’s capital market valuation had occured between Monday to Wednesday, after investors cut down their trading activities on the Nigerian lender’s stock.
olume of shares traded by investors during this period fell from Monday’s 7.6 million to 1.17 million shares on Tuesday, before rising slightly to 1.99 million shares on Wednesday; but this was still well below the shares traded on Monday and last week Friday’s 11.19 million.
Investors interested in the Segun Agbaje-led company priced GTBank’s stock low as they didn’t feel it was worth more than N29.5 kobo per share on Monday and Tuesday.
This forced shareholders willing to sell to drop their asking price on Wednesday to N29.35 kobo per share. Although, the price rose to N29.5 kobo on Thursday, but it is currently trading with a -0.85% decline.
READ ALSO: GTBank reports N231.7bn PBT for 2019
Meanwhile, Leakblast reporter had previously reported that the Nigerian economy has been projected to fall by 0.5% in the first quarter of this year, which is between January to March 2021.
The projection was made by Financial Derivatives Company, a research firm owned by Economist and Financial Analyst, Bismarck Rewane. It was stated that the economy will decline just after it exited recession.
The gross domestic product had dropped in two consecutive quarters last year, leading to a recession, before recording a 0.1% in fourth quarter 2020 to exit.
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