Custodian Investment Falls by 9% as Investors Take Profit
Custodian Investment PLC fell by about 9% to settle at N68.52 billion, according to details obtained from the Nigerian Exchange.
The selloff, which lasted for just a day saw the company’s share price fall by 8.98%, from N12.8 to N11.65 on Friday. The share volume was however heavy in contrast to pattern observed on the Ticker.
Custodian Investment negative price movement plunged the equities market value of the company’s 5,881,864,195.00 shares outstanding down to N68,523,717,871.75 on the Nigerian Exchange.
Week on week, Custodian Investment Limited lost N6.76 billion in the stock market. At the current market price, the investment holding company share is trading at 21% discount to its 52 week high of N14.75.
Further review showed that the equities market value of the investment holding company plunged ahead of strong earnings projection for fourth quarter.
In its earnings forecast, Custodian Plc projected N30 billion profit for the fourth quarter of 2024. The company is hoping to more than double down on its 2023 profit performance when it posted N14.096 billion after tax profit.
Investment Holding Company with interest in Life Insurance, General Insurance, Pensions, Trustees, Property and Financial Services market price declined due to investors that exited their positions.
By Dec 2024, Custodian Investment is expecting to count gross earnings totaling N144.805 billion, a significant increase of 33.4% year on year growth when compared with N110.041 billion the company reported in 2023. #Custodian Investment Falls by 9% as Investors Take Profit
