Afreximbank’s FEDA Concludes Acquisition Of 5% Stake In Geregu Power

The Nigerian stock market yesterday bounced back, paring the prior session’s loss, as the benchmark Index closed 0.23 per cent stronger.
The positive trend was spurred by Geregu Power Plc, which notified the Exchange and the investing public of the purchase of five per cent of its shares by the Fund for Export Development in Africa (FEDA).
FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank). The purchase of the shares was concluded on February 21, 2023 with the purchase agreed in on the December 21, 2022.
The All Share Index (ASI) rose by 126.22 absolute points, representing a gain of 0.23 per cent to close at 54,315.53 points. Accordingly, investors gained N69 billion in value as market capitalisation went up to N29.589 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, Zenith Bank, Guaranty Trust Holding Company, Living Trust Mortgage Bank and John Holt.
Also, market breadth closed positive as 18 stocks posted gains while 11 declined. Geregu Power recorded the highest price gain of 10 per cent to close at N246.40, per share. John Holt followed with a gain 9.59 per cent to close at N1.60, while Living Trust Mortgage Bank went up by 7.55 per cent to close at N2.85, per share.
University Press went up by 5.26 per cent to close at N2.00, while Veritas Kapital Assurance appreciated by 5.00 per cent to close at 21 kobo, per share. On the other hand, McNichols led the losers’ chart by 9.84 per cent to close at 55 kobo, per share. Wapic Insurance followed with a decline of 6.82 per cent to close at 41 kobo, while Royal Exchange went down by 6.67 to close at 70 kobo, per share.
Mutual Benefits Assurance lost 5.88 per cent to close at 32 kobo, while Chams Holding Company shed 3.70 per cent to close at 26 kobo, per share.
The total volume traded decreased by 48.98 per cent to 129.914 million shares, worth N3.923 billion, and traded in 2,678 deals.
Transactions in the shares of AIICO Insurance topped the activity chart with 16.176 million shares valued at N9.623 million. Zenith Bank followed with 13.001 million shares worth N326.134 million, while Guaranty Trust Holding Company (GTCO) traded 12.389 million shares valued at N310.969 million.
Transnational Corporation (Transcorp) traded 12.045 million shares valued at N14.642 million, while Courteville Business Solutions transacted 10.679 million shares worth N5.096 million.