Presco Plc gains over N20bn as acquisition news piques investors interest

At the end of today’s trading session, Presco Plc share  price appreciated by 8.74% to close at N125 per share, the highest the company’s share price has been in over 10 years.

This comes after the company’s shares gained 10.00% on Wednesday, to close at N114.95 per share from N104.50 on Tuesday. Hence, in two days Presco Plc has increased its market value by over N20 billion, reflecting a 19.62% appreciation.

This takes the market capitalisation from N104.50 billion to N125.00 billion.

The oil palm refining company recorded gains in share prices which can be attributed to investors’ positive sentiment, triggered by the proposed acquisition of SIAT Nigeria Limited (SNL) by Presco Ltd.

Stock performance summary

Hence, buy-interests in the shares of the company supported a gain of N20.5 billion in market capitalization at the close of trading activities on Nigeria’s stock exchange.

The shares of the quoted FMCG company increased from N104.50 per share on Tuesday to N125.00 per share as at today, March 10th 2022, the highest price traded at the close of the market, to represent a gain of 19.62% which in monetary terms is N20.5.

The shares of the company have gained 42.37% from year-to-date, starting the year at N87.80 and currently traded at N125.00. The company’s shares are currently trading at its 52-week high at N125.00.

However, the shares of the company have returned about 78.57% gains for investors who bought them at their 52-week low trading price of N70.00 per share.

During the day’s trading hours, 3,474,129 ordinary shares of Presco Plc worth about N428.94 million, were exchanged in 188 executed deals.