Transcorp Hotels Plc has seen an additional price surge that lifted its market value to a 52-week high. The hospitality stock gained traction with about 10% price appreciation in the equities market and its popularity among value hunters and alpha seekers.
According to data obtained from the Nigerian Exchange, the share price of Transcorp Hotels settled at N127.35 on Friday in a latest rally driven by equities investors’ anticipation of better Q4 earnings scorecard.
The hospitality market value then inched higher by 9.8% week on week to N1.304 trillion after the resumption of its new chief executive officer and managing director, Uzo Oshogwe. Ahead of the fourth quarter of 2024 earnings release, Transcorp Hotels declared a closed period on January 1.
The company restricted insiders and connected persons from trading its share until after publication of its earnings result for the year. In nine months of the financial year 2024, Transcorp Hotels posted N10.239 billion as profit from continuous operation, about a 152% year-on-year increase from N4.071 billion in the comparable period in 2023.
Source: MarketForces Africa
