Stock Market Appreciates by N52bn on Demand for Transcorp

Kayode Tokede

Commencing of trading in the new week yesterday, the Nigerian stock market saw a positive shift, as investors’ investment rose by N52 billion amid 9.9 per cent gain in Transcorp Plc.

The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 83.31 basis points or 0.08 per cent to close at 106,621.91 basis points with the Month-to-Date and Year-to-Date returns settled at -1.1per cent and +3.6per cent, respectively.

Consequently, market capitalisation appreciated by N52 billion to close at N66.769 trillion.

Also, investor sentiment, as measured by market breadth was positive, as 32 stocks gained relative to 27 losers. Eterna emerged the highest price gainer of 9.96 per cent to close at N37.55, per share. Transcorp followed with a gain of 9.91 per cent to close at N51.55, while FCMB Group rose by 9.89 per cent to close at N10.00, per share.

Africa Prudential advanced by 9.85 per cent to close at N36.25, while ABC Transport rose by 8.67 per cent to close at N1.63, per share.

On the other side, VFD Group led others on the losers’ chart with 9.92 per cent to close at N47.20, International Energy Insurance followed with a decline of 8.71 per cent to close at N1.78, while Cadbury Nigeria shed 8.00 per cent to close at N23.00,  per share.

Cornerstone Insurance went down by 7.89 per cent to close at N2.92, while Honeywell Flour Mills depreciated by 7.06 per cent to close at N12.50, per share.

The total volume traded rose by 4.52 per cent to 364.969 million units, valued at N17.628 billion, and exchanged in 14,565 deals. Transactions in the shares of Fidelity Bank led the activity with 56.413 million shares worth N970847 million. Access Holdings followed with account of 30.423 million shares valued at N725.482 million, while Zenith Bank traded 27.644 million shares valued at N1.326 billion.

Africa Prudential traded 23.316 million shares worth N834.197 million, while United Bank for Africa (UBA) traded 13.103 million shares worth N495.979 million.

Looking forward, United Capital Plc said “the equities market is expected to close positive as investors continue to position themselves ahead of the full year, 2024 earnings season and possible corporate action declarations.

“Nevertheless, given the elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background.”