MeCure Tops NGX Performers after 10% Equity Sell Down
MeCure Industries Plc market value increased by 19.5% to N40.4 billion on the Nigerian Exchange (NGX) platform on Friday due to bargain hunting.
In the market, MeCure Industries was the best performer with positive price appreciation. The Nigerian Exchange ended the week negative, lost about N50 billion to sell pressures.
The Pharma Company’s share price surged to N10.1 in the equities market from N8.45 at the beginning of the week due to increased positive trading activities after acquisition notice.
The market placed N40.4 billion on MeCure’s 4 billion shares outstanding at a unit price of N10.1. Further review showed that the stock is now trading at 22.3% below its 52-week high on the Nigerian Exchange.
The pharmaceutical industry player has seen its share price climbing to N13, the best it has achieved in 12 month. Zrosk Investment Management Limited has acquired 10% equity stake in MeCure Industries Plc, according to an official statement.
The transaction, which was conducted off-market, has been finalized following approval from the Nigerian Exchange Group.
MeCure Industries said this strategic investment marks a significant milestone for the company as it continues to strengthen its capital base and accelerate its growth trajectory. # Market Value of MeCure Spikes after 10% Equity Sell Down
