Stock Market Gains N52 Billion Boost Driven by High Demand for Transcorp Shares

Sonia Alaba- Abuja

Commencing trading for the new week yesterday, the Nigerian stock market experienced a positive shift as investors’ holdings rose by N52 billion, driven by a 9.9 per cent gain in Transcorp Plc.**

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

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

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Investor sentiment, as measured by market breadth, was positive, with 32 stocks gaining compared to 27 losers. Eterna emerged as the highest price gainer, rising by 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 the losers’ chart with a decline of 9.92 per cent to close at N47.20. International Energy Insurance followed with a drop 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 declined 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 N970.847 million. Access Holdings followed with 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 ahead, United Capital Plc stated, “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, bearish sentiments are still expected to linger in the background.”