Meyer’s bullish run continues as it leads top performers for the third consecutive week

Meyer PLC share price posted gains of 45.63% last week, leading the top gainers of the 4-day trading week as a result of the Easter holiday celebrations. The last two weeks saw Meyer leading the charge as Nairametrics report its share price gaining over 56% and 41.57% in the weeks in question.

In the last three weeks, we have seen MEYER gained over 223% from N0.72 to currently stand at N2.33 per share. The price increase seen in the last three weeks has led Meyer’s market capitalization to surpass the N1 billion mark, to currently stand at N1,237,783,894.59.

MEYER is the top performer in what turned out to be a very bullish and record-breaking week for the Nigerian Exchange. The All-Share Index (ASI) gained 2% to currently stand at 48,459.65 basis points. Interestingly, this price point the NGX is currently trading has not been traded in almost 14 years, when the 2008 market crash happened.

During the four-day trading week, 50 equities appreciated in price during the week, lower than 51 equities in the previous week. Also, during the week, 29 equities depreciated in price, higher than 18 equities in the previous week. 77 equities remained unchanged lower than 87 equities recorded in the previous week.

What you should know

  • Meyer PLC is a company known for producing and manufacturing different types of paints for a wide variety of use which includes architectural paints, wood paints, auto refinishes, industrial and marine, road lining paints, roof coatings, tube coatings, hp coatings and adhesives.
  • The three-week rally in its share price came after the company released its audited financial report for the year 2021. The report revealed a significant increase in its revenue.
  • The company was able to grow its revenue by 35.10% from N827.6 million to N1.12 billion Year-on-Year. Notably, the company’s profit after tax (PAT) declined by approximately 97% from N1.12 billion in 2020 to N33.7 million in 2021.
  • The reason for the significant decline is because the company did not dispose of any buildings in 2021. In 2020, the company recorded a profit of approximately 1.8 billion from the disposal of one of its buildings.
  • This outlier proved to have a significant impact on the company’s top line items. Taking away the disposal, the company would have been able to post a loss (loss before tax) of N143.45 million in 2020.
  • After the company’s results was posted, its trading volume spiked, with more shares changing hands than average. The highest volume during the four-day trading week was posted on Wednesday, as it recorded a volume of 1,087,440.
  • Its share price is currently trading at a 52-week high of N2.33 after starting the trading week on Tuesday at N1.60.
  • Meyer began the year with a share pricNe of N0.46 and has since gained approximately 407% on that price valuation. It now ranks #1 on the NGX in terms of year-to-date performance.
  • MEYER’s share price has also appreciated 324% over the past four-week period alone, currently the best performing stock on the NGX.

Meyer is the 97th most traded stock on the Nigerian Stock Exchange over the past three months. MEYER has traded a total volume of 6.87 million shares, in 269 deals, valued at N9.31 million over the period, with an average of 109,085 traded shares per session. As previously mentioned, volume high of 1.09 million was achieved on April 20th and the share price ranked among the top 5 gainers for every single trading day last week.

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