Prime Business Africa
After Presco’s share price hit an all-time high (ATH) on February 19, the company’s share price has been on a decline, according to Prime Business Africa’s analysis of the firm’s stock market performance in the last one month.
On February 19, Presco’s shares appreciated by N1,220.4 kobo or 111.45 percent to N2,315.4 kobo per share, compared to the N1,095 it commenced the year with.
Join our WhatsApp ChannelAfter the 111.45 percent increase, profit-takers have turned their attention to Presco, resulting in significant losses for existing shareholders of the company.
About three weeks after reaching the all-time high, sell-off rocked the company, with the volume of Presco’s shares traded on the Nigeria Exchange (NGX), also known as the stock market, rising from over 270,000 shares to over 1.70 million on Tuesday, before dropping to over 600,000.
While the volume of shares traded rose, the share price of Presco dropped by N614.3 kobo, starting from March 11 — after trading flat at N2,315.4 kobo per share for almost three weeks — to N1,701.1 kobo on March 18.
As profit-takers moved to realise the gains from the all-time high, which resulted in the share price decline, the value of investments held by existing shareholders depreciated by 26.53 percent.
The decline represents a combined loss of N716.68 billion for Presco’s shareholders, and also led to a decline in the company’s market capitalisation.
Prime Business Africa’s analysis showed that Presco’s market valuation in the Nigerian stock market dropped from N2.70 trillion on February 19 to N1.98 trillion as of March 18.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
