Renowned entrepreneur Tony Elumelu’s conglomerate has witnessed a substantial surge in the last two trading days, resulting in a remarkable increase of N278.8 billion in the combined market capitalization of his listed companies on the Nigerian Stock Exchange (NGX).
The entities contributing to this significant growth encompass Africa Prudential, United Bank for Africa (UBA), Transcorp Hotel, and Transnational.
Tuesday, January 9, 2023, marked a particularly positive day for Elumelu, as Transcorp Hotel, UBA, and Africa Prudential collectively witnessed an average share price surge of 9% on the NGX.
This promising commencement of the year signifies favorable prospects for the esteemed billionaire investor, widely recognized as the father of African capitalism.
Providing further insights into individual company performances, UBA and Transcorp Hotels recorded the most substantial gains in market valuation. UBA’s market capitalization soared to N1.1 trillion, a significant increase from the N990.07 billion recorded on the preceding Friday. Simultaneously, Transcorp Hotel’s market capitalization rose to N580.8 billion by the close of market trading on Tuesday.
Breaking down the specific gains for each company, UBA emerged as a standout gainer, accumulating N124.8 billion in just two days as its share price surged from N26.00 to N32.60. Africa Prudential gained N1.7 billion, witnessing an increase in share price from N8.40 to N9.25. Notably, Transcorp Hotels achieved one of the highest gains, witnessing an increase of N86.03 billion, propelled by a share price rise from N84.85 to N93.25, resulting in a market cap of N955.1 billion. Lastly, Transnational gained N66.2 billion in the corresponding period, with its share price climbing from N12.66 to N14.29, currently valued at N580.8 billion. This impressive financial upswing reflects a promising outlook for Tony Elumelu’s diversified business portfolio.
What you should know:
This remarkable market performance coincided with NGX achieving its highest single-day gain since June 13, 2023. The All-Share Index experienced a notable 3.57% appreciation, gaining 2,867.31 points to reach a total of 83,191.84 points. This milestone followed closely on the heels of the index crossing the 80,000 mark just a day earlier.
Previously, Nairametrics reported that companies related to Tony Elumelu closed 2023 as one of the top performers of the year, marking a remarkable year for the billionaire investor.
Combined, the companies gained a whopping N1.6 trillion in market capitalization, one of the largest gains for a group of companies owned by a billionaire on the NGX.
