MeCure Jumps by 339% in 4-Week on ‘Plus Size’ Sentiment
MeCure Industries Plc’s market value skyrocketed further amidst increased buying momentum for the newly listed company stock currently enjoying plus-size investors’ sentiment in the local bourse.
The company’s share price gained 41% in the last five trading sessions to settle at N12.99, with a market valuation nearing N52 billion.
Data from the Nigerian Exchange showed that the ticker opened the week at N9.21. Without necessarily driven by earnings performance, the market seems to be rerating the stock upward due to better investor sentiment.
Of course, few stock traders are jostling for the company’s share but with seemingly deeper pockets taking position ahead of 2024. Ownership structure, according to MarketForces Africa’s review of its financial statement showed that it’s still pop and mom stocks.
Analysts said they still do not know what the future holds for the ticker that has surged from N2.96 per share when it was listed to N12.99.
On November 7, 2023, MarketForces Africa reported that Mecure Industries listed four billion ordinary shares at N2.96 in November 2023.
Its book showed that the Udani ‘clan’ controls about 97% of the company’s shareholdings based on the recent unaudited financial statement submitted and reviewed by MarketForces Africa.
Samir Udani, Avni, and Arjun Udani hold 32.20% share each while Anderline Dukor’s stake was 0.68%. Other shareholders control 2.45% of the outstanding shares. Naira Devaluation Deepens Economic Crisis in Nigeria
At the close of trading on Friday, MeCure Industries Plc’s 4 billion shares outstanding were valued at N51.96 billion, up from N11.76 billion when it was listed on November 7, 2023. #MeCure Jumps by 339% in 4-Week on ‘Plus Size’ Sentiment
