Shareholders of five banks lose N180bn in two weeks, Stock price could collapse to 50 kobo by November
Shareholders of the embattled five banks have lost about N180 billion in two weeks, an indication that they are in for hard times, according to Renaissance Capital. The analysts declared yesterday that going by the continued fall in the share prices of the banks since the lifting of the suspension, their shareholders may be in for more troubles. Renaissance Capital observed that in the last two weeks, the shares of Afribank, Finbank, Intercontinental Bank, Oceanic Bank and Union Bank slumped by 26 percent, 32 percent, 36 percent, 36 percent and 40 percent respectively, being the equivalent of 61 percent of the total market lost by the Nigerian Stock Exchange (NSE) within the same period. This, meanwhile, is against a market growth of over 6 percent attained by the NSE within the same period.
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