Vitafoam Nigeria Plc extended its selloff on the Nigerian Exchange (NGX) on Tuesday, shedding another 9.99% to close at N141.50 per share and bringing its two-day decline to about 19%.
The stock fell from N157.20 on Monday to N141.50 on Tuesday, representing a loss of N15.70 per share during the latest trading session.
This followed a 9.97% decline in the previous session when Vitafoam dropped from N174.60 to N157.20.
The two consecutive declines have now pushed the company’s share price from N174.60 to N141.50, wiping N33.10 off each share in just two trading sessions.
This represents a cumulative decline of approximately 19% over the period.
Vitafoam was the second-biggest equity decliner on the NGX on Tuesday, behind Fortis Global Insurance, which dropped 10% from N1.70 to N1.53.
UPDC Real Estate Investment Trust followed with a 9.95% decline to N19, while Abbey Mortgage Bank lost 8.73% to N5.75. Caverton Offshore Support Group fell 7.58% to N3.05.
The broader equities market, however, closed marginally higher despite the losses recorded by Vitafoam and other decliners.
The NGX All-Share Index gained 0.02% to 254,289.35 from 254,245.21 in the previous session, while equities market capitalisation increased to N165.108 trillion.
Vitafoam’s latest decline means the stock has now lost almost one-fifth of its value in two consecutive trading sessions.
