Medview’s Share Price Drops to its Lowest Level in 15 Months
Medview Airlines Plc, an emerging giant in the comity of reputable carriers in Sub-Sahara Africa in a data obtained from the Nigerian Stock Exchange (NSE) on Monday showed that the share price has dropped to its lowest level in 15 months.
The share price of the company shed 8.11 per cent to close at N1.70 at the end of trading on the floor of the NSE on Monday. Since the company’s share price dropped to N1.52 on October 20, 2017, which it sustained till November 3, 2017, the price had been appreciating, reaching a five-year high figure of N2.20 on July 24, 2018.
Medview emerged the second biggest loser at the end of trading on the floor of the NSE on Monday as it year-to-date return settled at -17.07 per cent. A trend analysis of the stock performance of the company showed that the volume of transactions of its shares was usually a three-digit figure; and on rare occasions, four digits.
However, the shares of the company witnessed major sell-offs on Monday as its volume of transactions increased by over one million per cent day-on-day to 2.54 million on Monday, from the 244 recorded on Friday.
The company’s market capitalisation stood at N16.58 billion, while it had 9.75 billion shares outstanding as of February 11.
Medview, in its third quarter 2018 financial statement, reported N1.76 billion losses, against the N728 million profits reported in 2017. In October last year, the company also undertook a downsizing exercise, which required 60 of its workers to step down.
In a statement on October 12, 2018, the company said the downsizing exercise was in light of the reality of the prevailing economic situation. It said it was restructuring in order to fully maximise its operations and prepare for the challenges ahead.
According to the statement, the company has a genuine intention to recall its sacked workers as soon as the situation improves as stated in the letter given to the affected people.