The Nigerian Exchange’s stock market capitalization increased as a result of ongoing demand for banks’ stocks and Transcorp names. The domestic market saw a 0.4% gain in closing prices on Wednesday as buyers continued to show interest in Transcorp Power (TransPower) shares as well as Tier-one banks.
In particular, Transpower’s stock increased by 9.99 percent from its opening price of N290.40 to close at N319.40 a share. As a result, the Nigerian Exchange All-Share Index closed at 99,591.64, up 744 points or 0.4% from Tuesday’s closing of 99,190.46.
Additionally, investors made N227 billion, or 0.4%, as the market capitalization closed at N56,310 trillion, down from its opening value of N56.083 trillion. The Year-To-Date return increased to 33.19 percent as a result. Dedicated Investor interest in Transpower, FBN Holdings, Transnational Corporation (Transcorp) and C& I Leasing kept the market’s performance green.
However, an analysis of the market activities showed trade turnover which settled lower relative to the previous session, with the value of transactions down by 38.63 per cent.
A total of 416.48 million shares valued at N19.51 billion were exchanged in 9,338 deals, compared to 429.64 million shares valued at N19.92 billion exchanged in 10,749 deals posted in previous session. >> Nigeria Bonds, Treasury Bills Yields Collide at 17.2%
Meanwhile, TransPower led the gainers log by 9.99 per cent to close at N319.40, Transcorp followed closely by 9.96 per cent to close at N18.99 per share. FBNH added 9.95 per cent to close at N34.25, Africa Prudential Plc rose by 9.49 per cent to close at N7.50 and C&I Leasing Plc appreciated by 9.48 per cent to close at N3.81 per share.
Conversely, Tantalizers and Ikeja Hotels led the losers’ log in percentage terms of 10 each to close at 36k and N6.75 per share respectively.
National Salt Company of Nigeria(NASCON) lost 9.97 per cent to close at N48.15, Ecobank Transnational Incorporated(ETI) shed 9.96 per cent to close at N24.10. Also, Livestock Feed Plc went down by 9.82 per cent to close at N1.47 per share.
Transcorp led the activity log in volume with trade of 67.34 million shares valued at N1.28 billion, FBNH followed with 47.69 million shares worth N154.79 million. Guaranty Trust Holding Company (GTCO) traded 37.47 million shares valued at N1.56 billion, TransPower sold 36.86 million shares worth N11.78 billion to lead the chart in value.
The United Bank of Africa (UBA) transacted 29.78 million shares worth N660.45 million. However, market breadth closed negative, with 29 equities on the laggards table and 18 others on the leaders table.
