The stock price of PZ Cusson Nigeria Plc rose sharply on the trading floor of the Nigeria Exchange (NGX), yesterday in response to the parents company’s decision to suspend the exit of its subsidiaries in Nigeria and other African countries.
The stock price rose from N3.85 per share to close at N45.00 per share ( or 9.36 percent).
PZ Cussons UK had in a statement, on Thursday said that it was reversing its earlier plans to exit the African market.
It cited improved economic conditions in Nigeria and an estimated population growth that would support the multinational company’s operation.
The development, according to the company, is part of its “ambitious growth plans” to build a winning portfolio of locally loved brands, building on the improved momentum achieved in recent years.
“The strategy is based on the significant long-term opportunity in Africa, where population is forecast to grow by more than 900 million over the next 25 years, representing over half of total global population growth,” the company said in a statement.
