Haldane McCall Rebounds 9.7% After Two-Day 17% Selloff

Haldane McCall Plc rebounded 9.7 percent on the Nigerian Exchange (NGX) on Wednesday recovering part of the losses recorded during a two-day selloff that had wiped nearly 17 percent off the company’s share price.

The stock closed Wednesday at N3.28 per share, up from N2.99 in the previous session, representing an increase of N0.29 or 9.70 percent.

The rebound followed two consecutive sessions of heavy selling that pushed Haldane McCall from N3.60 to N2.99.

On Monday, September 21, the stock declined 8.33 percent from N3.60 to N3.30.

Selling continued on Tuesday as Haldane McCall dropped another 9.39 percent from N3.30 to N2.99.

Across the two sessions, the stock lost N0.61 per share, representing a cumulative decline of approximately 16.9 percent.

Wednesday’s recovery added N0.29 per share and lifted the stock back above the N3 level.

Despite the rebound, Haldane McCall remained N0.32, or about 8.9 percent, below the N3.60 level recorded before the two-day selloff began.

The stock was among the leading gainers during Wednesday’s trading session.

Eterna Plc led the gainers with a 10 percent increase from N35 to N38.50, followed by Thomas Wyatt Nigeria, which appreciated 9.88 percent to N2.78.

Critical Minerals Financing Corporation gained 9.76 percent to N2.70, while Haldane McCall followed with its 9.70 percent advance to N3.28.

Omatek Ventures also gained 9.63 percent to close at N1.48.

The broader equities market maintained its positive momentum, with the NGX All-Share Index rising 0.23 percent to 251,191.02 points.

Equity market capitalisation increased by approximately N374 billion to N163.06 trillion.

Investors traded 1.59 billion shares worth N45.82 billion in 49,836 deals during the session.

Wednesday’s 9.7 percent rebound therefore recovered almost half of the N0.61 per-share value Haldane McCall lost during the preceding two sessions, although the stock remained below its pre-selloff price of N3.60.