Tony Elumelu’s conglomerate experienced a substantial boost in the last two trading days, with the combined market capitalization of his listed companies on the Nigerian Stock Exchange (NGX) gaining a whopping N278.8 billion.
The companies contributing to this substantial growth include 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 witnessed an average share price surge of 9% on the NGX.
This promising start to the year signifies favorable prospects for the billionaire investor, renowned as the father of African capitalism.
Insight
Among his listed companies, UBA and Transcorp Hotels recorded the most significant gains in market valuation.
UBA’s market capitalization soared to N1.1 trillion, a substantial increase from the N990.07 billion recorded on the preceding Friday.
Additionally, Transcorp Hotel’s market capitalization rose to N580.8 billion by the close of market trading on Tuesday.
- Breaking down the individual company performances, 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.
- Transcorp Hotels, with one of the highest gains, saw an increase of N86.03 billion, driven by a share price rise from N84.85 to N93.25, bringing its market cap to 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 impressive 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.
