Economy
THE Nigerian Exchange Ltd.(NGX) equity market on Monday opened positively, as gains in newly listed Transcorp Power Plc and 22 others grew the overall market capitalisation by N1.86 trillion.
The News Agency of Nigeria(NAN) reports that Transcorp Power earlier listed 7.5 billion shares by introduction at N240.00 per share, amounting to N1.8 trillion on the main board of the NGX.
Mr Peter Ikenga, Managing Director/Chief Executive Officer, Transcorp Power, said that the listing was to provide a platform through which new investors from the public could be admitted into the firm.
Ikenga stated that this would diversify existing shareholders base and position the company for access to a larger pool of capital raising options.
He noted that the listing, which is an avenue to contribute to the growth of the NGX and the Nigerian capital markets, would further enhance Transcorp Power’s brand visibility and awareness.
Meanwhile, the NGX market capitalisation which opened at N54.035 trillion, gained N1.86 trillion to close at N55.890 trillion.
Consequently, the All-Share Index (ASI) also gained 95.91 points or 0.10 per cent to close at 98,847.89 points, compared to 99,980.3 recorded on Friday.
As a result, the Year-To-Date return rose to 32.20 per cent.
Investors buy interest in the shares of Transcorp Power, Geregu Power, BUA Cement, PZ Cussons Nigeria and Transnational Corporation (Transcorp) moved the market to a positive terrain.
Analysis of the market activities revealed trade turnover settled higher relative to the previous session, with the value of transactions up by 193.76 per cent.
A total of 429.64 million shares valued at N19.92 billion were exchanged in 10,749 deals, as against 367.62 million shares valued at N6.78 billion exchanged in 9,168 deals posted in the previous session.
On the gainers chart, Transcorp Power led by 10 per cent to close at N265.00, while Transcorp followed with a gain of 9.94 per cent to close at N15.70 per share.
PZ Cussons Nigeria rose by 9.93 per cent to close at N37.10, Neimeth International Pharmaceuticals increased by 9.88 per cent to close at N1.89, while Juli added 9.87 per cent to close at N4.12, per share.
Conversly, Dangote Sugar Refinery, Unity Bank and Vitafoam Nigeria led the losers’ chart in percentage terms of 10 each to close at N53.10, N1.98 and N22.95 per share, respectively.
NASCON Allied Industries lost 8.55 per cent to close at N53.50, while MTN Nigeria Communications (MTNN) shed 7.82 per cent to close at N185.00 per share.
Transcorp led the activity chart in volume with 203.43 million shares traded at the value of N3.187 billion, TransPower followed
to lead in value with 40 million shares worth N10.56 billion.
United Bank for Africa (UBA) traded 19.589 million shares valued at N448.026 million, while AIICO Insurance traded 12.672 million shares worth N13.085 million.
Also, Access Holdings traded 12.390 million shares worth N259.935 million.
However, market breadth closed negative with 25 losers’ equities and 23 gainers on the trading floor.(NAN)
5th March, 2024.
C.E.
Tags: NGX Peter Ikenga Transcorp Power
