Stock market gains N193trn on enhanced buying interest

Sustained buying interest in the shares of newly listed Transcorp Power on the Nigerian Exchange Ltd. (NGX) and Tier-one banks on Tuesday pushed the value of transactions on the Exchange up by 59.55 per cent.

Analysis of the market activities showed trade turnover settled higher relative to the previous session.

Similarly, 398.13 million shares valued at N31.79 billion were exchanged in 10,976 deals, compared to 429.64 million shares valued at N19.92 billion exchanged in 10,749 deals posted on Monday.

Our correspondent reports that Transcorp Power, a subsidiary of Transnational Corporation Plc on Monday listed 7.5 billion ordinary shares of 50 each at N240 per share on the main board of the NGX.

This brought the total market capitalisation on the Exchange to N1.8 trillion.

On Tuesday, the shares of Transcorp Power which opened at N264 gained 10 per cent to close at N290.40 per share.

However, sustained buying interest in shares of Transpower, alongside renewed interest in Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Juli Plc kept the market in the green.

Consequently, investors gained N193 trillion or 0.35 per cent, making the market capitalisation, which opened at N55.890 trillion, to close at N56.083 trillion.

The All-Share index also rose by 0.35 per cent or 343 points to close at 99,190.46, as against 98,847.89 posted in previous session.

As a result, the Year-To-Date return rose to 32.65 per cent.

Meanwhile, Transcorp Power (TransPower) led the activity table in volume and value with 87.49 million shares traded in deals worth N25.41 billion.

Transnational Corporation (Transcorp) followed by 68.03 million shares valued at N1.17 billion, while United Bank for Africa (UBA) traded 23.35 million shares worth N519.51 million.

Also, Access Corporation sold 18.47 million shares valued at N380.97 million and FBN Holdings traded 17.91 million shares worth N540.51 million.

On the gainers table, Transcorp and TransPower led in percentage terms of 10 each to close at N17.27 and N290.40 per share, respectively.

FBN Holdings gained 9.88 per cent to close at N31.15 per share.

The Initiative Plc added 9.88 per cent to close at N2.36 and Juli Plc rose by 9.71 per cent to close at N4.52 per share.

On the other hand, International Breweries and National Salt Company of Nigeria (NASCON) led the losers table by 10 per cent each to close at N4.32 and N48.15 per share respectively.

May and Baker Nigeria Plc lost 9.93 per cent to close at N5.08, Thomas Wyatt Nigeria shed 9.85 per cent to close at N1.83 and C & I Leasing Plc trailed closely by 9.84 per cent to close at N3.48 per share.

However, market breadth closed negative with 35 equities on the laggard’s table and eight others on the leader’s table.