Shares of Austin Laz & Company Plc fell 17.8 percent in two days on the Nigerian Exchange as it reverses part of its early October rally that had lifted the stock by more than 60 percent.
Austin Laz closed at N2.90 on October 22, 2026, compared with N3.53 on October 20, representing a decline of 63 kobo or approximately 17.8 percent over the two-day period.
The decline represents a sharp reversal for a stock that had been among the strongest performers on the Nigerian Exchange in recent weeks.
Austin Laz started the week ended October 16 at N2.20 and closed that week at N2.92, representing a gain of 32.73 percent.
The rally continued after the weekend. By October 20, the stock had climbed to N3.53, taking its increase from the N2.20 level to approximately 60.5 percent.
The subsequent decline to N2.90 means Austin Laz has surrendered about N0.63 per share from its October 20 level.
Despite the two-day correction, the stock remains approximately 31.8 percent above N2.20, leaving a substantial portion of its earlier October rally intact.
Austin Laz’s decline accelerated during trading on October 22, when the stock fell 8.81 percent from N3.18 to N2.90.
It ranked among the biggest decliners on the Nigerian Exchange for the session, behind Thomas Wyatt Nigeria, which dropped 10 percent from N2.80 to N2.52.
The broader equities market also remained under pressure. The NGX All-Share Index closed at 244,956.94 points on October 22, down approximately 0.39 percent from 245,911.13 points on October 20.
Equities market capitalisation declined by about N620 billion over the same two-day period from N159.668 trillion to N159.048 trillion.
Investors traded 360.75 million shares worth N20.32 billion in 31,401 deals on October 22.