Sell Action: Caverton Falls by 27.4% as Positive Price Momentum Fades
It is now worth less than N9 billion to buy Caverton Offshore Support Group Plc’s 3.350 billion shares outstanding on the trading platform of the Nigerian Exchange (NGX).
The momentum that drove market value of Caverton faded with more than 27% negative price movement in the just concluded week on the Nigerian Exchange.
In the just concluded week, the support group price declined by 27.37% to settle at N2.68 per share on Friday due to profit taking from sell side activities.
The ticker picked up at N3.69 per share in the equities market last week and surged to N4.05 at the end of trading session on Monday as investors actively traded more than 10 million shares.
Thereafter, a huge and perhaps unusual shares trade volume worth more than 43 million units of Caverton plunged its market price down to N3.65 – Which appeared to be deliberation sell action after it surge near its all-time high.
In the previous week, MarketForces Africa reported that Caverton topped performers on the Nigerian Exchange with more than 45% positive price appreciation on the back of an improved earnings performance in the first half of 2024.
The company share price inched higher to its new 52-week high. Details from the Nigerian Exchange showed that the support company share price climbed from N2.10 to N3.69 in the equities market – the best price level in the last 52-week.
The strong price movement pushed its market valuation higher to N12.243 billion, spread over its 3.350 billion shares outstanding. The lowest price placed on Caverton was N1.25 per share.
In a sell action, its shareholders sold down their interest in the offshore support group, suggesting a weak sentiment after initial rally. #Sell Action: Caverton Falls by 27.4% as Positive Price Momentum Fades
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