Caverton Offshore Support Group Plc extended its selloff on the Nigerian Exchange (NGX) on Tuesday after falling another 7.58% to N3.05 per share as sustained selling pressure pushed the stock’s decline to more than 36%.
The company’s share price dropped from N3.30 on Monday to N3.05 on November 3, representing a loss of N0.25 during the latest trading session.
Tuesday’s decline extended a sharp downward trend that has seen Caverton fall from N4.80 to N3.05, wiping N1.75 off the value of each share.
This represents a 36.5% decline from the N4.80 level recorded before the recent selloff.
Caverton had already emerged as the worst-performing stock on the NGX in the week ended October 30 after its share price declined by 25% from N4.80 to N3.60.
The selling continued into the new week with the stock closing at N3.30 on Monday before falling further to N3.05 on Tuesday.
The sequence means Caverton has declined from N4.80 to N3.60, N3.30 and now N3.05 over the period under review.
The latest decline placed Caverton among the five biggest equity losers on the NGX on Tuesday.
Fortis Global Insurance led the decliners with a 10% drop to N1.53, while Vitafoam fell 9.99% to N141.50.
UPDC Real Estate Investment Trust declined by 9.95% to N19, while Abbey Mortgage Bank lost 8.73% to close at N5.75.
Despite losses recorded by Caverton and other decliners, the broader market closed marginally higher as the NGX All-Share Index gained 0.02% to 254,289.35.
Caverton’s continued decline, however, leaves the stock substantially below the N4.80 level recorded before the selloff, with more than a third of its market value erased over the period.