Guaranty Trust Bank shareholders lost N4.40 billion in three days following a crash in the company’s market value between Monday and Wednesday this week.
The loss comes amid a meltdown in the Nigerian stock market.
GTBank had ended last week with a market valuation of N868.2 billion, but that figure crumbled in the last three days to N863.8 billion.
The decline cost the lender’s shareholders a total of N4.40 billion.
During the three days period, the lender’s stock price shed N0.65kobo, depreciating to N29.35kobo per share, against the N30 per share it opened this week’s trading with on Monday.
The share price ended Monday’s trading with a dip, settling at N29.5 kobo, then traded flat the next day, before it declined further on Wednesday to N29.35 kobo per share.
This reflected low demand for the Segun Agbaje-led company at the capital market, and showed that interested investors are pricing GTBank’s stock low or under valuing the financial institution.
Despite the N4.40 billion loss from its market valuation, GTBank retained its sixth position on the most capitalised companies in Nigeria, remaining behind Dangote Cement, Airtel, MTN Nigeria, BUA Cement and Nestle.