Transnational Corporation Plc, stock continued its upward momentum on the floor of the Nigerian Exchange Group (NGX) as investors followed the lead of institutional investors and corporate insiders, by bidding up the shares by 9.8%.
Transcorp shares closed trading at N2.69 per share on Tuesday, bringing year to date returns to a staggering 138%. A total of 111.49 million shares were traded valued at N299.93 million.
Many investors interpret a strong level of buying of a company’s stock by insiders — directors, officers, or other key institutional owners as a bullish sign.
Over the weekend news broke that the chair of Lagos-listed Geregu Power Plc, Femi Otedola, has upped his interest in the conglomerate Transnational Corporation Plc (Transcorp) to 6.3 per cent, two separate notifications seen by MoneyCentral show.
Market sources tell MoneyCentral that massive buy interest in the stock could push it much higher than its current levels, towards the round number resistance level of N10/share.