Caverton Offshore Support Plc, a provider of marine and aviation logistics services quoted on the Nigerian Exchange Group Plc (NGX) recorded a gain of 59.75 per cent at the end of the trading week following renewed investors’ confidence.
According to an analysis by NewsNGR, the company’s stock price grew to N2.54 per cent share at the close of weekly trading, up from N1.59 per share at the beginning of the week to lead other gainers.
This gain resulted in a growth in market capitalization from N5.33bn to N7.74bn.
Other three notable losers included shares of R T Briscoe Plc, which experienced a gain of 42 per cent to close at N3.65 per share from the week’s opening value of N2.57.
Similarly, UPDC Plc witnessed a 36.92 per cent increase to close trading at N1.78 per share from an opening figure of N1.30.
Additionally, FBNH 0Plc’s shares rose by 31.52 per cent to close at N29.00 per share from the opening price of N22.05 per share.
The local bourse registered a 1.06 per cent higher week-on-week (w/w), with the benchmark index settling at 97.456.62 points.
Caverton has posted 65 per cent increase in its share price month-to-date on the Nigerian Stock Exchange.
In August, the company announced a strategic collaboration with ExploMar (Suzhou) Energy Technology Co. Ltd., a China-based company, to introduce electric outboard engines into Caverton’s recently launched OMIBUS passenger ferries.
This partnership marks a pivotal advancement in sustainable maritime operations within Nigeria. By incorporating electric propulsion technology, Caverton Marine is enhancing fleet efficiency while significantly reducing carbon emissions and minimizing its environmental impact.
The Chief Executive Officer of Caverton Offshore Support Group,Bode Makanjuola, highlighted the importance of this collaboration.
He stated, “This partnership with ExploMar represents a key milestone in our efforts toward achieving sustainable maritime operations. By integrating ExploMar’s innovative technology, we are raising the bar for passenger ferry services in Nigeria and reinforcing our commitment to a greener, more sustainable future.”
The overall market performance for the week showed that the NGX All-Share Index and Market Capitalization appreciated by 1.06 per cent and 1.10 per cent to close the week at 97,456.62 and N56.002tn respectively.
Similarly, all other indices finished higher with the exception of NGX Growth which depreciated 0.03 per cent while the NGX ASeM index closed flat.
A total turnover of 2.58 billion shares worth N51.21bn in 50,615 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.14bn shares valued at N51.22bn that exchanged hands last week in 55,603 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.71bn shares valued at N26.99bn traded in 19,277 deals; thus contributing 66.05 per cent and 52.71 per cent to the total equity turnover volume and value respectively.
The oil and gas industry followed with 332.83.million shares worth N11.99bn in 9,956 deals. The third place was the Services Industry, with a turnover of 146.19 million shares worth N530.54m in 3,404 deals.
Trading in the top three equities namely Jaiz Bank Plc, Zenith Bank Plc and Japaul Gold & Ventures Plc (measured by volume) accounted for 947.86 million shares worth N11.08bn in 4,822 deals, contributing 36.68 per cent and 21.65 per cent to the total equity turnover volume and value respectively.