It’s not often a stock gets listed only to be pounded by the market. Caverton Group listed on the 2oth of May at a price of N9.5 as many welcomed the listing. But the stock closed today at about N7.76 a N1.76 kobo drop from the N9.5 opening price.
Is this a cause for worry? Not exactly as stocks price move up and down depending on market sentiments and off course demand and supply. So maybe this is just a baptism of fire.
However, one still has to determine if the entry share price was overvalued. I thought it was but who knows….only time will tell.
