Stock Market Up 0.02% on Buying Interest in Transcorp, Others

Kayode Tokede

The stock market segment of the Nigerian Exchange Limited (NGX) yesterday commenced the new week on a mildly positive footing as investors buying interest in Trancorp Hotels Plc and 17 others advanced the market 0.02 per cent

The All-Share Index (ASI) gained 15.68 basis points or 0.02 per cent to close at 72,404.91 basis points. Also, market capitalisation rose by N8 billion to close at N39.621 trillion.

Notable buy pressure in key stocks like Transcorp Hotels that gained 9.38 per cent, as Fidelity Bank rose by 2.65 per cent  and United Bank for Africa (UBA) added  0.41 per cent, to drove the market’s positive performance.

Investor sentiment, as measured by market breadth closed negative as 18 stocks advanced, while 33 declined. Infinity Trust Mortgage Bank emerged the highest price gainer of 9.93 per cent to close at N3.10, per share. John Holt followed with a gain of 9.87 per cent to close at N2.45, while Transcorp Hotels rose by 9.38 per cent to close at N51.30, per share.

SCOA Nigeria increased rose by 8.62 per cent to close at N1.89, while FTN Cocoa Processors appreciated by 7.53 per cent to close at N1.57, per share.

On the other side, Associated Bus Company led others on the losers’ chart with 9.89 per cent to close at 82 kobo, per share. eTranzact International followed with a decline of 9.42 per cent to close at N6.25, while R.T. Briscoe Nigeria shed 8.33 per cent to close at 55 kobo, per share.

Sovereign Trust Insurance down by 7.69 per cent to close at 36 kobo, while The Initiates (TIP) depreciated by 6.84 per cent to close at N1.09, per share.

The total volume traded advanced by 5.6 per cent to 324.25 million units, valued at N4.40 billion, and exchanged in 6,745 deals. Transactions in the shares of Mutual Benefits Assurance led the activity with 42.082 million shares worth N20.362 billion. United Bank for Africa (UBA) followed with account of 28.716 million shares valued at N689.913 million, while Transnational Corporations traded 24.092 million shares valued at N166.971 million.

Sterling Financial Holdings Company traded 20.215 million shares worth N85.036 million, while Zenith Bank traded 17.153 million shares worth N635.320 million.

Looking into this week, United Capital said “we anticipate investors sentiments in the local equities market to remain strong. We have observed significant interests in the Banking sector, given the impressive performance across all banks and in anticipation of full year, 2023 earnings season. However, the downside risk to our prognosis is the likelihood of profit-taking activities following the new highs reached in the market.”