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An ambitious effort to arrest steep erosion of price value of Aradel Holdings Plc has bolstered trading activities on the stock as senior employees of the company mop up over 96,448 units of the stock in about five days of directors’ dealings.
Series of company’s disclosure filings to the Nigerian Exchange (NGX) signed by the company’s Secretary, Titi Omisore (Ms.), revealed that the Senior Legal Counsel, Mrs. Oyindamola Oloniniyi, purchased 7,959 units at N493 per share on Wednesday November, 20.
The Aradel’s Legal Team lead and Compliance Officer purchased the entire units in her name just as all other senior officers did.
The following day, Nov. 21, another employee of the oil company, Mr. Lucky Chukwudi Okubor, purchased 290 units at N494 per unit. Earlier on Nov. 19, Victoria Humphrey, another senior employee had bought a total of 3,458 units at N493.
Also on the same day, Mr. Bolarinwa Akintilebo, the Head, Applications and Support, purchased 6,552 units at N493.60 per share.
Between Nov. 14 and 15, Dipo Akinbode, purchased 10,000 units at N491.10, and 1,990 units at N492.50 pee unit while Daniel Ajarh purchased 1850 units at N495.00 per unit. thin the period, Oluwatosin Ayandare purchased 59,126 units at N499.90 while Nathaniel Osawe purchased 5,223 units at N499.90 on Nov.
13, all in a radical move to arrest steep fall in the stock price. The integrated indigenous energy Company listed on the Nigerian Exchange (NGX) Limited has had the value of its shares eroded significantly from the N702.69 listing price on October 14 to about N401.10 per share last week before intervention came through series of directors’ dealings or purchases that have helped to stabilise the equity valuation.
Investors in the oil company lost a total of N845 billion four days after 4.34 billion shares of the company were listed on the NGX main board by introduction, boosting NGX’s market capitalisation by N3.05 trillion.
A breakdown of the company’s transactions from its listing day showed that the stock price appreciated by 6.09 per cent on Tuesday, a day after the listing from N772.90 kobo to N820, just as its volume rose from 18,709,802 to 25,020, 166.
However, the stock dipped by 5.85 per cent at the close of trading on Wednesday, October 16, 2024 from N820 to N772 with the volume of shares traded declining from 25,020.166 to 4,252,789.
The stock sustained its steady decline all through the month of October until the release of its third quarter (Q3) financial statement was released in which the board and directors declared N8 interim divided that rekindled buying interest in the stock and consequently stabilised the stock price which closed at about N525.80 per share on Friday.
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