Caverton Rebounds 8.75% After Previous Session’s 9% Selloff

Caverton Offshore Support Group Plc rebounded 8.75 percent on the Nigerian Exchange (NGX) on Thursday recovering most of the losses recorded during the previous trading session.

The company’s share price increased by N0.35 from N4 to N4.35 on Thursday, placing Caverton among the leading gainers on the NGX.

The recovery followed a sharp decline on Wednesday, when Caverton fell 9.09 percent from N4.40 to N4, making it the leading reported equity decliner for the session.

Thursday’s rebound recovered N0.35 of the N0.40 per share lost a day earlier.

Despite the recovery, Caverton remained N0.05 below its N4.40 price before Wednesday’s selloff, representing a net decline of approximately 1.14 percent across the two sessions.

The rebound positioned Caverton as the third-highest reported gainer on Thursday.

Critical Minerals Financing Corporation led the gainers after rising 10 percent from N2.70 to N2.97, while RT Briscoe advanced 9.55 percent from N8.90 to N9.75.

Caverton followed with its 8.75 percent gain, while Nigerian Aviation Handling Company appreciated 8.57 percent from N140 to N152.

Linkage Assurance gained 7.36 percent to close at N1.75.

The recovery in Caverton came as the broader equities market extended its advance.

The NGX All-Share Index rose 0.38 percent to 252,150.01 points, from 251,191.02 points in the previous session.

Equity market capitalisation increased by approximately N623 billion to N163.68 trillion, from N163.06 trillion on Wednesday.

Investors exchanged 978.29 million shares worth N50.16 billion in 48,558 deals during the session.

Trading volume declined from the 1.59 billion shares recorded on Wednesday, while transaction value increased from N45.82 billion.

Caverton’s 8.75 percent rebound to N4.35 therefore erased most of the previous session’s 9.09 percent decline, leaving the stock just N0.05 below its price before Wednesday’s selloff.