April 08, 2011
2.17 billion units of Transcorp Plc shares was moved during today’s trading session – in addition to the 1.9 billion transaction done last week.
The volume traded today represents 10.12% of the total share outstanding of the company, a figure requiring that the NSE informs the listed/quoted company – a matter which triggered an all-parties meeting to resolve the development.
Given this development, it would appear that there is a willingness on the part of the majority of Transcorp board members to accommodate the HH Capital Limited’s acquisition plan and that is why this deal (it would appear) is a matter of time – reflecting the acceptance of a change in ownership and leadership at Transcorp Plc.
The NSE, it would appear has its work cut out for it – as it manages the fait accompli which the market would appear to have priced in – leading to the continued growth in the price of the company stock.
The Technical Analysis
The volume traded represents 64% of total market volume traded in the week to close as most active stock with corresponding price appreciation of 19.83%.
The Volume Trend in the week.
The stock was trading with volume average of 94.84million in the week before the huge volume of 2.17 billion was crossed today Friday April 8th 2011 to close the average volume for the week at 510.02 million. Prior to the cross deal, volume traded surged by 2519% on Thursday to move from 11.71miilion to 306.87 million in 106 deals.
The Price trend in the week
The stock maintained maximum gain position throughout the week, which revealed a strong bid position. The bargain position remained very strong to close the week as top gainer on average of 5% gain.
In recent time, the stock has topped market performance for 5 consecutive weeks till date.