The share price of Geregu Power Plc gained 27.45% or N175 billion at the close of the trading session on Friday to lead the weekly gainer’s chart, as the benchmark Index closed the week positive, up 1.06% week on week (w/w) to settle at 55,529.21 points.
The company has continued to sustain investors’ positive confidence after announcing that Afreximbank’s FEDA completed the acquisition of a 5% minority stake.
The gain: Checks by Nairametrics showed that the company’s stock price rose to N325 per share at the close of trading yesterday from N255.00 it traded on Friday last week, representing a growth of 27.45% or N175 billion.
Further analysis showed that Geregu Power closed the trading week with N812.500 billion in market capitalization as against N637.500 billion last week.
FEDA purchase of 5% stake: Geregu Power Plc had notified the Nigerian Exchange Limited and the investing public of the purchase of 5% of its shares by the Fund for Export Development in Africa (FEDA). FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank).
According to the statement signed by Akinleye Olagbende, Company Secretary, Geregu Power Plc, the purchase of the shares was concluded on the 21st of February 2023 with the purchase agreed on the 21st of December 2022.
The statement noted that with the purchase, FEDA now currently holds 5% of Geregu Power Plc Shares.
In case you missed it: The NGX All-Share Index and Market Capitalization appreciated by 1.06% to close the week at 55,529.21 and N30.250 trillion respectively.
Similarly, all other indices finished higher with the exception of the NGX Oil and Gas index which depreciated by 2.36%, while the NGX Sovereign Bond and NGX ASeM indices closed flat.
Further analysis of the trading activities showed that a total turnover of 1.910 billion shares worth N18.436 billion in 20,311 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 799.848 million shares valued at N29.354 billion that exchanged hands the previous week in 14,194 deals.
The ICT Industry (measured by volume) led the activity chart with 601.396 million shares valued at N2.676 billion traded in 1,607 deals; thus contributing 31.49% and 14.52% to the total equity turnover volume and value respectively.
The Financial Services Industry followed with 585.510 million shares worth N6.949 billion in 8,584 deals. The third place was the Services Industry, with a turnover of 349.215 million shares worth N2.402 billion in 512 deals.
Trading in the top three equities namely Chams Holding Company Plc, Capital Hotels Plc and Transnational Corporation Plc. (measured by volume) accounted for 1.038 billion shares worth N2.621 billion in 769 deals, contributing 54.33% and 14.22% to the total equity turnover volume and value respectively.
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