Stock Market Closes Bullish, Up N227bn

The Nigerian stock market yesterday closed positive as the overall market capitalization gained N227 billion on sustained investor interest in Transcorp Power Plc and 17 others.

The All-Share Index (ASI) gained 401.18 points, representing a gain of 0.40 per cent to close at 99,591.64 points. Also, market capitalisation rose by N227 billion to close at N 56.310 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Transcorp Power, FBN Holdings (FBNH), Transnational Corporation (Transcorp), Africa Prudential and Fidelity Bank.

However, market breadth remained negative as 18 stocks gained relative to 30 losers. Transcorp Power emerged the highest price gainer of 9.99 per cent to close at N319.40, per share.  Transcorp followed with a gain of 9.96 per cent to close at N18.99, while FBNH advanced by 9.95 per cent to close at N34.25, per share.

Africa Prudential rose by 9.49 per cent to close at N7.50, while C&I Leasing appreciated by 9.48 per cent to close at N3.81, per share. On the other side, Ikeja Hotel and Tantalizers led others on the losers’ chart with 10 per cent each to close at N6.75 and 36 kobo respectively, while NASCON Allied Industries followed with a decline of 9.97 per cent to close at N43.35, per share.

Ecobank Transnational Incorporated (ETI) lost 9.97 per cent to close at N43.35, while Livestock Feeds depreciated by 9.82 per cent to close at N1.47, per share.

The total volume traded rose by 4.61 per cent to 416.478 million units, valued at N19.508 billion, and exchanged in 9,338 deals.

Transactions in the shares of Transcorp led the activity with 67.339 million shares worth N1.279 billion. FBNH followed with account of 47.685 million shares valued at N1.548 billion, while Guaranty Trust Holding Company (GTCO) traded 37.470 million shares valued at N1.555 billion.

Transcorp Power traded 36.893 million shares worth N11.784 billion, while United Bank for Africa (UBA) traded 29.754 million shares worth N660.452 million.