Shareholders have continued a dumping spree of the shares of ’11 PLC’ formerly known as Mobil Nigeria Plc due to their apathy toward the new core Investors, Daily Trust reports.
The share price of the company which traded at N236.90 kobo as at August 9 when the company made known its change of name, closed at N165.11 kobo at the end of trading yesterday, shedding over 30 per cent since the announcement. The company which market capitalisation stood at N85.4 billion as at August 9 before the announcement, also shed N25.9 billion, and stands at N59.5 billion as at the close of trading yesterday.
Mr. John Olabisi, Chief Dealer at Midas Stockbrokers Limited, while reacting to the development said that investors would only put their money where they know they would get value. He however suggested that, new investors were playing the waiting game, to see the performance of the company at year end before their confidence could be boosted to re-invest in it.
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