Africa Prudential shareholders enter week with N800m loss as price bubble ends

As the capital market sets to enter a new week, Africa Prudential stock is in a bearish state, and it will be carrying a red flag around as investors look out for stocks to put their money into.

Last week, investors’ confidence towards the digital technology solutions provider dropped, with shareholders selling off their stake at a cheaper price than it opened the week with.

This caused Africa Prudential market value to depreciate by 6.25 percent, placing it among the Seventy-one equities that depreciated in price last week.

This represents N0.4kobo drop in share price, which started Monday with N6.4 kobo, but ended trading on Friday at N6 per share, as shareholders sold off 4.26 million shares, its highest of last week.

Read also: Investors lose N91.43bn. Africa Prudential, Wema Bank among top losers

However, the 6.25 percent depreciation cost remaining African Prudential shareholders N800,000 within the five days of trading, August 2 to 6, 2021.

This places the firm in a bearish zone as the sell off has been on since Africa Prudential’s stock hit a price bubble on July 23, 2021, hitting N6.90 kobo.

But shareholders of the company were quick to engage in profit-taking the next day, and this has knocked the share value of Africa Prudential back to the same stock price of May 10, 2021.

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