Ikeja Hotels Plc has lost 23% in three straight days of trading after topping the gainers chart for weeks. The stock had gained 51% last week and was coming into this week and was one of the top stocks this year in terms of returns.
The apparent tanking in its price may not be unconnected with its recently released result which say profit after tax drop 50% to N995million on the back of flat top line revenue growth and much lower gross profit margins.
The stock has a year low of 56 kobo and trades at N1.68 still. It’s unlikely that it will bottom to its year low anytime soon. About 26 million shares has exchanged hands so far in the last week.
I’d continue to watch this stock.