Oil operator Aradel falls 11% one week after stock listing

Aradel Holdings Plc, an indigenous oil and gas company, has seen its share price drop by almost 11% one week after its listing by introduction on the Nigerian Exchange Limited.

The company’s 4.34 billion ordinary shares were listed on the NGX on October 14 at N702.69 apiece, adding N3.05 trillion to the total market value of equities on the bourse. That day, it emerged as the most valuable oil company as its valuation closed at N3.4 trillion, with a share price of N772.9. The other listed oil operators are Oando Plc and Seplat Energy Plc.

Its share price stood at N625.4 as of Monday, with a market capitalisation of N2.72 trillion compared to Seplat’s N3.37 trillion valuation, data from the NGX shows.