Elumelu’s Transcorp Power Plunges By 10% Ahead Of Earnings

Transcorp Power Plc, a subsidiary of the Transcorp Group, plunged by about 10% in the equities market as investors exited their positions in the power-generating company’s stock ahead of the fourth quarter earnings release.

The activities of the sell-side actors reduced Transcorp Power Plc to N324 midweek from N359.90, losing 9.97% of its market value in one day. The huge price decline occurred over about 267,000 shares that exchanged hands in the Nigerian bourse on Wednesday.

The significant price decline dragged the power-generating company’s market value to N2.430 trillion, according to data obtained from the Nigerian Exchange.

Stockbrokers review showed that Transcorp Power is not trading at more than 16% discount to its 52-week in the equities market. The company share price had reached its all-time high of N386.40 before it retraced due to negative investors’ sentiments on power-generating company shares.

Transcorp Power Plc declared a close period on January 1 as its board of directors met to approve fourth quarter earnings and audited financial statements for financial year 2024.

The company said no insider and their connected persons may directly or indirectly deal in the securities of the company until twenty-four hours after the release of the 2024, Q4 unaudited financial statement, and the 2024 audited financial statement.