As a result, in only one month, the external reserves have increased by nearly $1 billion. Due to the nation’s dollar shortfall last year, the central bank was compelled to flog the naira in order to boost foreign cash inflow.
Following that, the local currency lost approximately 300 percent of its value in a year, closing at 1,514.31/$ on Friday at the Nigerian Autonomous Foreign Exchange market.
In the first half of 2024, the naira was the world’s worst-performing currency, according to a Bloomberg analysis released on Friday. It stated that the Central Bank of Nigeria’s attempts to strengthen the currency had been hampered by devaluation, a lack of dollar liquidity, and market volatility.
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.
