Haldane McCall Sheds 17% in Two Days as Selling Pressure Deepens

Haldane McCall Plc has lost nearly 17 percent of its market value in two trading sessions on the Nigerian Exchange (NGX) as sustained selling pressure pushed the stock from N3.60 to N2.99.

The stock declined 9.39 percent on Tuesday, September 22, falling from N3.30 to N2.99 and ranking among the biggest decliners reported for the session.

Tuesday’s loss followed an 8.33 percent decline on Monday, when Haldane McCall dropped from N3.60 to N3.30.

Across the two sessions, the company’s share price has therefore fallen by N0.61, or approximately 16.9 percent, highlighting persistent selling pressure despite gains in the broader equities market.

The consecutive declines stand in contrast to the direction of the NGX benchmark, which advanced in both sessions.

On Monday, the NGX All-Share Index gained 0.14 percent to 250,156.80 points before rising another 0.18 percent to 250,614.66 points on Tuesday.

Equity market capitalisation also increased by approximately N297 billion on Tuesday to N162.68 trillion.

Haldane McCall was the second-biggest percentage decliner among the equities reported on Tuesday.

Multiverse Mining and Exploration led the losers after falling 9.86 percent from N21.30 to N19.20.

Champion Breweries declined 8.68 percent from N10.95 to N10, while Mutual Benefits Assurance dropped 8.38 percent from N3.82 to N3.50.

AXA Mansard Insurance completed the five leading decliners reported for the session, losing 6.67 percent to close at N11.20.

The losses came as other stocks attracted renewed buying interest.

Sovereign Trust Insurance rose 9.95 percent from N2.01 to N2.21, reversing its 8.64 percent decline recorded in the previous session.

Critical Minerals Financing Corporation advanced another 9.82 percent to N2.46, while Neimeth International Pharmaceuticals gained 8.90 percent to N7.95.

Cadbury Nigeria appreciated 8.29 percent to N60.10 and Fortis Global Insurance advanced 7.73 percent to N1.95.

Trading activity across the market strengthened substantially, with investors exchanging 837.26 million shares worth N48.57 billion in 52,126 deals.

Volume increased approximately 45.8 percent from the 574.19 million shares traded on Monday, while transaction value rose about 27.6 percent from N38.06 billion.

Despite the broader market advance and stronger trading activity, Haldane McCall extended its decline for a second consecutive session, leaving the stock almost 17 percent below its N3.60 closing price before the two-day selloff began.