Aradel pares stock losses, still trades below listing price

Aradel Holdings Plc, an indigenous oil and gas company, has reversed some of its recent losses on the Nigerian stock exchange, even as its shares continued to trade below its listing price.

Its share price rose 6.61 percent to N600.10 on Friday, but is still 14.6 percent lower than its listing price.

Markets Reporters previously reported that Aradel’s share price dropped by almost 11% one week after its listing by introduction on the Nigerian Exchange Limited (NGX).

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 market capitalisation stood at N2.61 trillion on Friday, compared to Seplat’s N3.35 trillion valuation, data from the NGX shows.