CWG Tops Market Performers with 45% Gain
IT Services Company, CWG Plc, experienced touch of an angel in the stock market last week with about 45% price appreciation over the last five trading sessions. The weekly rally placed CWG as top performer on the Nigerian Exchange.
The company is controlled by 5 significant shareholders with 78.78% shareholdings. Austin Okore controls 23.37% of CWG shareholdings, followed by Ikechukwu Obioha Phillip 18.06%, Abiodun Bamidele Fawumi 17.67%, Adeyipo Adewale 10.25% and Cordros Trustees Limited 9.42%.
The company has 21.22% free float in compliant with the Exchange’ free float requirements for companies listed on the Main Board. According to stock data, Ticker: CWG experienced strong positive price movement as investor shifted attention to IT Service stocks ahead of second quarter of 2024 earnings season.
Recall that in the first quarter of the year, CWG Plc posted N316 million as profit after tax, a significant year on year growth from N179 million the company posted in the comparable period in 2023.
Revenue was N8.38 billion in the first three month in the year, representing a 65% year on year growth when compared with N5.082 billion posted 12 months earlier.
In the last 52 week, its share price had peaked at N9.5. At current market price, CWG Plc is trading at 16.3% discount to its 52 week high, according to data from the Nigerian Exchange.
According to data from the Nigerian Exchange, CWG Plc rose from less than N14 billion market valuation to N20.1 billion due to improved sentiments.
Historical trading data showed that CWG has plunged to as low as 1.7 per share in the last 52 week. With 2.524 billion outstanding shares, the company was valued at N4.29 billion.
In Q1, CWG Plc has N27.171 billion in total assets, up from N17.815 billion at the end of financial year 2023. The surge was supported by a spike in inventories, receivables and cash.
In the period, the company’s total equity also rose to N2.603 billion, supported by FX reserves from N2.243 billion at the end of financial year 2023. #CWG Tops Market Performers with 45% Gain
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