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 favourable prospects for the billionaire investor, renowned as the father of African capitalism.
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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.