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Transcorp Power, FBN Holdings lift market cap by N194bn

 

Newly listed stock, Transcorp Power, its parent company, Transcorp and FBN Holdings were the major drivers of the N194bn gain the market capitalisation of the Nigerian Exchange recorded on Tuesday.

The market cap rose by 0.35 per cent to N56.083tn while the All-Share Index of the market increased to close trading at 99,190.46 points.

Transcorp Power Plc listed its shares via introduction on the Main Board of the NGX on Monday, adding about N1.8tn to the market capitalisation of the exchange.

It gained 10 per cent on the first day of trading, to close at N264 per share, up from the listing price of N240 per unit.

Market breadth, which is the measure of investors’ sentiment was negative as reflected in 10 gainers and 37 losers.

Indigenous conglomerate, Transcorp, led the gainers with a 10 per cent rise in its share value to N17.27; Transcorp Power gained 10 per cent for the second consecutive day to close trading at N290.40 and FBN Holdings added 9.88 per cent to close at N31.15.

The losers were led by International Breweries and NASCON Allied Industries which lost 10 per cent each to close at N4.32 and 48.15 each. May&Baker closed at N5.08, dipping by 9.93 per cent.

Transaction volume for the day recorded 398.13 milion, compared to the previous day’s volume of 429.64 million trades valued at N31.78bn from the 10,976 deals executed. The number of stocks which saw some activity on Tuesday was 126.

The volume and value drivers of the day’s market trend were led by stocks of Transcorp, Transcorp Power and MTN Nigeria.

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