Shareholders of McNichols lost -15.3% of their investment in the company within two days, after sell off trailed the bullish run of the indigenous food and beverage producer in the Nigerian capital market, as investors exited their funds.
In the last 52 weeks, the firm’s share had appreciated by 234.2% following the management’s proposed N0.3kobo dividend and 6 share bonus offer for every 5 shares held by shareholders.
Although, the approval for the proposal is not until McNichols AGM on July 28, 2022, the offer was enough to fuel the demand for McNichols share in the Nigerian bourse, as investors look to beat the shareholder qualification date of June 30, 2022 for the dividend offer.
On Monday, Ripples Nigeria had stated in its stocks to watch report, that profit-takers threatened the continuous growth of McNichols share, as some investors might want to profit from the all time high the firm had been experiencing.
As McNichols share set another milestone in gains on May 23, closing trading at N2.34kobo per share, its highest in 52 weeks, investors began to engage in sell off, starting from Tuesday into Wednesday, dragging the investment held by other shareholders down by -15.3%, as the share slumped to N1.98kobo.
Read also :McNichols majority investor, Ijeoma Chimaraoke, reduces ownership stake with massive sell off
This represents a loss of N117.6 million, halting McNichols run into the billionaire equity club, as the market capitalisation fell from Monday’s…
Read Full Story At: Ripples Nigeria.