Despite a persistently gloomy market caused by the run-up to the 2023 general elections and an increase in interest rates; Geregu Power Plc experienced optimism following yesterday’s listing, resulting in the stock gaining a maximum of 10% or N25 billion.
Despite the listing, the NGX All-Share Index fell by 0.08 or 43.04 basis points to end the day at N48.879. 74 index points as opposed to the 48.836. 70 points recorded in the previous day’s trading, showing that the stock market had continued to be unfavourable.
The capital boost would significantly aid the company’s capital investments, according to Geregu Power Plc CEO Akin Akinfemiwa. The entry of Geregu Power Plc to The Exchange’s main board on Wednesday, October 5, 2022, has received accolades for the listing of the company.
Market participants are being cautious about the company that Mr. Femi Otedola is promoting, though, given that Forte Oil, which he previously sponsored and which has since been delisted from the market, failed to live up to investors’ expectations.