In a significant surge, the Nigerian Exchange (NGX) witnessed a substantial gain of N194 billion in market capitalization on Tuesday, with newly listed entities Transcorp Power, its parent company Transcorp, and FBN Holdings emerging as the primary catalysts for this impressive growth.
The market capitalization experienced a 0.35% increase, reaching N56.083 trillion, while the All-Share Index closed at 99,190.46 points, reflecting the positive sentiment prevailing in the market.
Transcorp Power Plc made its debut on the Main Board of the NGX through an introduction on Monday, injecting approximately N1.8 trillion into the market capitalization. The stock performed remarkably well on its first day of trading, registering a 10% increase to close at N264 per share, up from its initial listing price of N240 per share.
Despite the negative market breadth, with 10 gainers against 37 losers, indigenous conglomerate Transcorp led the gainers’ chart with a 10% rise in share value, closing at N17.27. Transcorp Power continued its bullish streak, recording a second consecutive day of 10% gains to close at N290.40, while FBN Holdings also saw a notable increase of 9.88% to close at N31.15.
Conversely, International Breweries and NASCON Allied Industries were among the top losers, each shedding 10% to close at N4.32 and N48.15, respectively. May & Baker also experienced a downturn, closing at N5.08 after a decline of 9.93%.
The day’s trading activity saw a transaction volume of 398.13 million shares, valued at N31.78 billion, executed across 10,976 deals. A total of 126 stocks saw some level of activity, with Transcorp, Transcorp Power, and MTN Nigeria emerging as the volume and value drivers of the market trend.
The robust performance of Transcorp Power, along with the positive sentiment surrounding Transcorp and FBN Holdings, underscores investor confidence in the prospects of these entities and their potential to contribute significantly to the growth of the Nigerian capital market.
