Business and Brands

Tony Elumelu’s companies record N278.8 billion capital gains in 2 days

Tony Elumelu’s conglomerate experienced a substantial boost in the last two trading days, with the combined market capitalization of his listed companies on the Nigerian Stock Exchange (NGX) gaining a whopping N278.8 billion.  

The companies contributing to this substantial growth include Africa Prudential, United Bank for Africa (UBA), Transcorp Hotel, and Transnational. 

Advertisement

Tuesday, January 9, 2023, marked a particularly positive day for Elumelu, as Transcorp Hotel, UBA, and Africa Prudential witnessed an average share price surge of 9% on the NGX.

This promising start to the year signifies favourable prospects for the billionaire investor, renowned as the father of African capitalism. 

Advertisement

More Insights

Among his listed companies, UBA and Transcorp Hotels recorded the most significant gains in market valuation. UBA’s market capitalization soared to N1.1 trillion, a substantial increase from the N990.07 billion recorded on the preceding Friday.

Additionally, Transcorp Hotel’s market capitalization rose to N580.8 billion by the close of market trading on Tuesday. 

Advertisement
  • Breaking down the individual company performances, UBA emerged as a standout gainer, accumulating N124.8 billion in just two days as its share price surged from N26.00 to N32.60.
  • Africa Prudential gained N1.7 billion, witnessing an increase in share price from N8.40 to N9.25.
  • Transcorp Hotels, with one of the highest gains, saw an increase of N86.03 billion, driven by a share price rise from N84.85 to N93.25, bringing its market cap to N955.1 billion.
  • Lastly, Transnational gained N66.2 billion in the corresponding period, with its share price climbing from N12.66 to N14.29, currently valued at N580.8 billion. This impressive financial upswing reflects a promising outlook for Tony Elumelu’s diversified business portfolio.

What you should know

This impressive market performance coincided with NGX achieving its highest single-day gain since June 13, 2023. The All-Share Index experienced a notable 3.57% appreciation, gaining 2,867.31 points to reach a total of 83,191.84 points. This milestone followed closely on the heels of the index crossing the 80,000 mark just a day earlier. 

Previously, Nairametrics reported that companies related to Tony Elumelu closed 2023 as one of the top performers of the year, marking a remarkable year for the billionaire investor.

Combined, the companies gained a whopping N1.6 trillion in market capitalization, one of the largest gains for a group of companies owned by a billionaire on the NGX. 

Advertisement
citynews

Recent Posts

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

21 minutes ago

“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President

Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…

36 minutes ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…

40 minutes ago

2027: “No vacancy for non-indigenes in Alausa” – Lagos youths tell Seyi Tinubu

The Coalition of Lagos Indigenous Youths has rejected the recent endorsement of Mr Seyi Tinubu,…

52 minutes ago

Biafra Activist Simon Ekpa Arrested in Finland Over Terrorism

Biafra activist Simon Ekpa has been arrested in Finland over terrorism. Newsone Nigeria reports that the self-acclaimed leader of…

56 minutes ago

‘Don’t Waste Your Time Again In 2027’: Bode George Begs Atiku (Video)

A former Deputy National Chairman of the Peoples Democratic Party, Chief Bode George, has advised…

59 minutes ago