The share price of Transnational Corporation of Nigeria Plc (NGX: TRANSCORP) tumbled on Tuesday 1 March 2022. The price per share of the conglomerate opened trading at N1.23, and went into a nose dive as news emerged that the 87th meeting of the Board of Directors has been cancelled.
In a publication signed by Kofo Olokun-Olawoyin, Transcorp notified the general public that the 87th Meeting of the Board of Directors of Transnational Corporation of Nigeria Plc earlier scheduled to hold today, March 1, 2022, has been cancelled.
There was no mention of the reason for the cancellation, nor a date for the meeting. The publication seen by Investogist only said that “a new date shall be notified in due course.”
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Going into the last half hour of trading on the floor of the Nigerian Exchange, TRANSCORP shares was being traded at N1.12, the lowest possible price for the day.
With the last trade of the day, it gained 1 kobo to close Tuesday’s trading at N1.13, 8.13% lower than its opening price. This earned it a place of 5th position on the losers table.
Source: Research portal of Greenwich Trust
Transcorp share price prior to today’s session had been on the rise, going from below N1.00 at the beginning of the year to a over N1.27 a week ago.
Transcorp Hotel Plc, a subsidiary of Transcorp Plc also released its consolidated and separate financial statements for the year ended 31 December 2021, posting a profit after tax of N1.11 billion (2020: loss of N6.26 billon) and declared a dividend of 7 kobo.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
