The market value of Tony Elumelu’s conglomerate’s listed firms on the Nigerian Stock Exchange (NGX) increased by a staggering N278.8 billion in the last two trading days. Companies like Transcorp Hotel, Transnational, United Bank for Africa (UBA), and Africa Prudential are among the businesses that have significantly boosted this expansion.
Tuesday was a really good day for Elumelu because the average share price of Transcorp Hotel, UBA, and Africa Prudential increased by 9% on the NGX.
UBA and Transcorp Hotels saw the biggest increases in market valuation among their listed businesses. UBA’s market value surged to N1.1 trillion, a significant rise above the N990.07 billion reported on the Friday before. By the end of market trading on Tuesday, Transcorp Hotel’s market value had also increased to N580.8 billion.
Now, when the individual firm results were broken down, UBA was the biggest gainer, amassing N124.8 billion in just two days as the price of its shares shot up from N26.00 to N32.60.
Africa Prudential saw a rise in share price from N8.40 to N9.25, resulting in a gain of N1.7 billion.
One of the biggest gains was recorded by Transcorp Hotels, whose market capitalization increased to N955.1 billion, thanks to a share price increase from N84.85 to N93.25.
Last but not least, Transnational made N66.2 billion in profit over that time, rising from N12.66 to N14.29 on its share price, which is now worth N580.8 billion.
At the same time as this remarkable market performance, NGX saw its biggest one-day rise since June 13, 2023. The All-Share Index saw a noteworthy increase of 3.57%, gaining 2,867.31 points to end at 83,191.84 points. This milestone came just one day after the index broke beyond the 80,000 barrier.
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