Transcorp Power Falls 10% on Fresh Selloffs
Transcorp Power Plc lost about 10% of its market value due to recent equities investors’ dumped shares of the Utilities Company listed on the Nigerian Exchange.
This strong price decline was spurred by 130,393 units of the company’s shares that exchanged hands on the side of sell side actors in the equities market on Monday. Transcorp Power Plc has 7.5 billion outstanding shares in the market.
In August, the power generating company paid dividend to its shareholders after earnings beat posted in the first half of the year. It had announced N1.50 dividend payments to shareholder as part of its earnings notice in the market.
The power generating company has been stagnated in a post listing shares rallied on the Nigerian Exchange. According to data from the local bourse, Transcorp Power share price nosedived to N335.20 in the market from N372.40. The dragged the company’s market valuation lower to N2.514 trillion.
The stock data revealed that Transcorp Power share is now trading at 10% discount to its All-time high in the domestic market. Transcorp Power grew its profit after tax by 233% to N32.77 billion in the first half of 2024 from N11.043 billion in the comparable period in 2023.
Transcorp Power Falls 10% on Fresh Selloffs Benchmark Yield on Nigerian Bond Dips to 19.55%
