Transcorp Power Plc, a prominent power firm recently listed on the Nigerian Exchange Group Plc (NGX), reported a significant gain of approximately N835 billion by the close of weekly trading, positioning it as the top gainer for the week.
This development underscores the demand for the shares of the new power company, which concluded trading on Friday with a 46.38% increase, bringing its market valuation to N2.635 trillion.
Transcorp Power Plc, a subsidiary of Transcorp Plc, on March 4th, listed 7.5 billion shares at N240.00 per share by introduction on the Main Board of the Nigerian Exchange (NGX).
The leading power generation company’s listing boosted the overall NGX market capitalization by N1.8 trillion, just as its shares rose by 10% on the first trading day.
With the listing, Transcorp Group now has two subsidiaries listed on NGX, demonstrating its commitment to creating value for the Nigerian public and catalyzing economic growth.
Analysis conducted by Nairametrics revealed that the power firm’s stock grew by 46.38% to N351.30 per share, resulting in an increase in market capitalization from N1.800 trillion it was listed on the NGX to N2.635 trillion compared to the opening figures for the trading week, where it stood at N240 per share.
The other three top gainers
Other three notable gainers included shares of Juli Plc, which experienced an of 32.53% to close at N4.97 per share from the week’s opening value of N3.75.
Similarly, International Energy Insurance Plc witnessed a 20.86% increase to close trading at N1.68 per share from an opening figure of N1.3. Additionally, Transcorp Plc’s shares increased by 19.05% to close at N17.00 per share from the opening price of N14.28 per share.
The local bourse registered a 2.61% higher week-on-week (w/w), recording a significant gain, with the benchmark index settling at 101,330.85 points.
Market analysts attribute this positive trajectory to investors’ demand pressure on the stocks listed on the NGX.
Overall market performance
The NGX All-Share Index and Market Capitalization appreciated by 2.61% and 6.03% to close the week at 101,330.85 and N57.293 trillion respectively.
Similarly, all other indices finished higher except NGX Banking, NGX Insurance, NGX AFR Bank Value, NGX MERI Growth, NGX MERI Value, NGX Consumer Goods and NGX Sovereign Bond which depreciated by 1.40%, 5.22%, 3.39%, 1.80%, 1.86%, 1.21%, and 3.06% respectively.
A total turnover of 2.157 billion shares worth N108.824 billion in 51,556 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 1.882 billion shares valued at N34.149 billion that exchanged hands last week in 48,464 deals.
- The Financial Services Industry (measured by volume) led the activity chart with 899.483 million shares valued at N15.778 billion traded in 20,278 deals; thus contributing 41.70% and 14.50% to the total equity turnover volume and value respectively.
- The Conglomerates Industry followed with 736.973 million shares worth N12.902 billion in 4,996 deals. The third place was the Utilities Industry, with a turnover of 208.511 million shares worth N65.746 billion in 5,602 deals.
- Trading in the top three equities namely Transnational Corporation Plc, Transcorp Power Plc, and United Bank for Africa Plc (measured by volume) accounted for 1.056 billion shares worth N78.770 billion in 12,167 deals, contributing 48.97% and 72.38% to the total equity turnover volume and value respectively.