Stock investors are dumping Japaul Gold stocks as fast as they purchased them when the news of the company’s partnership with H&H Mines Limited was announced in November 2020.
Japaul Gold declined by over 50 percent from N1.52 per share it attained in January to 72 kobo on Wednesday on growing weak sentiment across the Nigerian Stock Exchange and the future of the company.
On November 15th, 2020, Investors King reported that Japaul Gold and Ventures has received approval in principle from H&H Mines Limited to invest in or acquire shares in the company.
The news bolstered the company’s outlook as investors jumped on Japaul’s stock trading at 20 kobo at the time and pushed it to N1.67 per share within 2 months.
However, with global growing uncertainties and the perceived complexity of the supposed deal, investors started dumping the shares.
Investors traded 2,542,733 shares valued at N1.894 billion on Wednesday. While 7,437,158 and 3,547,124 were exchanged on Tuesday and Monday, respectively.
The Nigerian Stock Exchange extended its decline on Wednesday by 0.07 percent to close at N21.169 trillion, while NSE All-Share Index declined to 40,465.32 index points.
