CWG Plc Gains 44.55% in Market Value to Top Weekly Gainers

Computer Warehouse Group (GWP) Plc listed on the ICT sector of the Nigerian Exchange Group Plc (NGX), reported a significant gain of 44.55% growth in market capitalization at the close of the last trading week of June 2024.

This development underscores the demand for the shares of the company’s shares which concluded trading on Friday with a 44.55% or N6.185 billion increase, bringing its market valuation to N20.072 billion.

Analysis conducted by Nairametrics revealed that the ICT firm’s stock grew by 44.55% to N7.95 per share at the close of weekly trading, resulting in an increase in market capitalization from N13.886.54 billion to N20.072 billion compared to the opening figures for the trading week, where it stood at N5.50 per share.
CWG achieved a total revenue reaching N23.5 billion for FY 2023, representing a 66% increase year-over-year from N14.2 billion in 2022.
Gross profit for FY 2023 increased by 24% to N4.7 billion compared to N3.8 billion in 2022.

Despite the challenging operating environment, CWG Plc effectively managed its operating expenses (OPEX) in FY 2023.

Total OPEX for the year was N3.44 billion, representing a modest increase of 22% compared to N2.82 billion in the previous year.

CWG delivered profitability in FY 2023, with Profit Before Tax (PBT) reaching N1.1 billion, a notable 53% increase from N741 million recorded in 2022.

The other three top gainers
Other three notable gainers included shares of FTN Cocoa Plc, which experienced a gain of 22.39% to close at N1.64 per share from the week’s opening value of N1.34 per share.

Similarly, United Capital Plc witnessed a 21.84% increase to close trading at N26.50 per share from an opening figure of N21.75. Additionally, John Holt Nigeria Plc’s shares increased by 20.315% to close at N3.14 per share from the opening price of N2.61 per share.

The local bourse registered a 0.32% higher week-on-week (w/w), recording a significant gain, with the benchmark index settling at 100,057.49 points.

Market analysts attribute this positive trajectory to investors’ demand pressure on the stocks listed on the NGX.

Overall market performance
The NGX All-Share Index and Market Capitalization appreciated by 0.32% to close the week at 100,057.49 and N56.602 trillion respectively.

Similarly, all other indices finished higher with the exception of NGX Consumer Goods, NGX Industrial Goods, and NGX Growth which depreciated by 0.56%, 0.33% and 0.04% respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.

A total turnover of 2.651 billion shares worth N49.976 billion in 41,610 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.301 billion shares valued at N53.157 billion that exchanged hands last week in 27,536 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.847 billion shares valued at N30.455 billion traded in 21,899 deals; thus contributing 69.67% and 60.94% to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 272.398 million shares worth N3.546 billion in 2,165 deals. The third place was the Oil and Gas Industry, with a turnover of 112.800 million shares worth N2.259 billion in 2,748 deals.

Trading in the top three equities namely FBN Holdings Plc, Transnational Corporation Plc, and Access Holdings Plc (measured by volume) accounted for 1.032 billion shares worth N19.799 billion in 6,083 deals, contributing 38.92% and 39.62% to the total equity turnover volume and value respectively.


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