Africa Prudential Gains 34% after Out of Ordinary Trading Volume
Share registration and business support solutions service provider, African Prudential Plc, market value surged by about 34% as investors spotted upside potential in the financial services company.
The company share price rose to N9.9 in the Nigerian Exchange on Friday from its weekly opening price of N7.40 due to buy side activities in the market.
Equities investors trading highs and lows in the local bourse transacted huge volume of Africa Prudential Plc shares on Friday.
Trading records showed that more than 10.170 million shares of the company exchange hands in the market. This lifted its market value of its 2 billion shares outstanding shares to N19.8 billion.
The company stock is trading at less than 7.5% below its peak price in the equities market. Data showed that Africa Prudential Plc had peaked at N10.70 kobo before it retreated.
Stock analysts said the company has easier climb ahead of its second quarter of financial year 2024 earnings release in the stock market.
In the first quarter of 2024, net income came at N197.31 million, while the quarter before that showed N91.52 million net income which accounts for 115.59% uptick. Ticker: AFRIPRUD stock rose by 33.80% compared to the previous week due to buying interest in anticipation of strong earnings delivery in Q2-2024. #Africa Prudential Gains 34% after Out of Ordinary Trading Volume
