By Dipo Olowookere
A leading integrated energy company, Aradel Holdings Plc, printed its first loss at the Nigerian Exchange (NGX) Limited on Wednesday.
Shares of the firm plunged by 5.85 per cent or N48.00 at midweek to settle at N772.00 per share, in contrast to the previous day’s N820.00.
Business Post reports that Aradel Holdings joined the country’s flagship stock exchange in grand style on Monday. The listing was done by introduction.
Before joining the elite bourse, the energy securities were being traded at the alternative stock market, the NASD over-the-counter (OTC) Securities Exchange.
It left NASD last Friday after over a decade on the platform.
Its entry to the NGX Limited was much-anticipated and it generated buzz when it finally listed a total of 4,344,844,360 units at N702.69 each, increasing the value of its host platform by N3.05 trillion.
On the day of its listing, the company’s equities appreciated to N772.90 after trading 18.710 million units, and the next day, it improved its share price to N820.00 after exchanging 25.020 million units.
On its third day at Customs Street, Aradel Holdings shrank due to profit-taking, with investors trading 4.253 million units at the close of trading activities, according to data obtained by this newspaper.