Transcorp Hotels Rises by 9% to N1.007 Trillion
Transcorp Hotels Plc gained more than 9.3% in the last seven trading session on the Nigerian Exchange (NGX) following renewed bargain hunting in stocks with healthy fundamentals.
Investors took fresh interest in the hospitality company shares last week ahead of second quarter earnings season. MarketForces Africa reported that Transcorp Hotels Plc has seen sporadic gain within 12 months, recording an unbelievable capital appreciation rarely seen in the market.
After momentarily price decline in the previous week, the hospitality giant rebounded, and has now crossed N1 trillion in market valuation again.
According to data from the Nigerian Exchange, the hotelier stock market price rose to N98.40 kobo on Friday from N90 at the beginning of the week.
At the current market price, the stock is trading at 3.34% discount to its 52 week high. Transcorp Hotels is among few listed companies trading at single digit discount to 52 week high after market correction in the second quarter of the year.
Investor who bet on the company share has seen strong return in 12 months. Based on its market performance, Transcorp Hotels hit all time high return of about 900%, rising from the bottom to become one of the market movers.
According to stock market data, Transcorp Hotels Plc has one of the best year to date return, coming from the bottom to joining the 10-digit valuation.
The company’s 10.242 billion shares outstanding were valued at N1.007 trillion in the local bourse at the close of trading session on Friday. #Transcorp Hotels Rises by 9% to N1.007 Trillion
