Investors increased appetite in the shares of the newly listed Transcorp Power has continued to lift market capitalisation of the Nigerian Exchange Limited (NGX) as investors wealth appreciated by N2.3 trillion in three days.
Market capitalisation, which reopened for trading on Monday, at N54,035 trillion, the day of listing, rose by N2, 275 trillion or four per cent to close at N56, 310trillion yesterday while the index rise by 839.66 points from 98,751.98 to 99, 591.64. On Tuesday, Transcorp Power Plc led nine others with 10 per cent gain to close at N290.40 kobo.
Yesterday, the stock also emerged the highest price gainer of 9.99 per cent to close at N319.40 kobo. Transcorp followed with a gain of 9.96 per cent to close at N18.99 kobo while FBNH advanced by 9.95 per cent to close at N34.25 kobo. Africa Prudential rose by 9.49 per cent to close at N7.50 kobo. C&I Leasing also appreciated by 9.48 per cent to close at N3.81 kobo.
On the other side, Ikeja Hotel and Tantalizers led others on the losers’ chart with 10 per cent each to close at N6.75 kobo and 36 kobo respectively, while NASCON Allied Industries followed with a decline of 9.97 per cent to close at N43.35 kobo.
Ecobank Transnational Incorporated (ETI) lost 9.97 per cent to close at N43.35, while Livestock Feeds also depreciated by 9.82 per cent to close at N1.47 kobo.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Transcorp Power, FBN Holdings (FBNH), Transnational Corporation (Transcorp), Africa Prudential and Fidelity Bank.
On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “Despite the negative market breadth (0.60×), 18 gainers and 30 losers), market maintains its steady upward trajectory, largely supported by gains in Transcorp entities.
We anticipate similar trading session tomorrow.” However, market breadth remained negative as 18 stocks gained relative to 30 losers.
The total volume traded rose by 4.61 per cent to 416.478 million units, valued at N19.508 billion, and exchanged in 9,338 deals. Transactions in the shares of Transcorp led the activity with 67.339 million shares worth N1.279 billion.
FBNH followed with account of 47.685 million shares valued at N1.548 billion, while Guaranty Trust Holding Company (GTCO) traded 37.47 million shares valued at N1.555 billion. Transcorp Power traded 36.893 million shares worth N11.784 billion, while United Bank for Africa (UBA) traded 29.754 million shares worth N660.452 million.
