Hot SourceKayode Tokede
Following the demand for Transcorp Power Plc and 40 others, the stock market section of the Nigerian Exchange Limited (NGX) yesterday began the new trading week on a positive note as investors’ investments rose by N262 billion
As Transcorp Power appreciated by 9.60 per cent to close at N314 per share, the Nigerian Exchange Limited All-Share Index up by 227.68 basis points or 0.24 per cent to close at 96,205.85 basis points from 138,980.01 basis points it closed for trading last week
Also, market capitalisation appreciated by N262 billion to close at N88.199 trillion from N87.937 trillion it opened for trading this week.
As measured by market breadth, market sentiment was positive, as 41 stocks gained relative to 18 losers. PZ Cussons Nigeria and University Press emerged the highest price gainer of 10 per cent each to close at N35.20 and N5.50 respectively, while Ellah Lakes followed with a gain of 9.94 per cent to close at N14.27, per share.
Legend Internet rose by 9.90 per cent to close at N5.44, while NCR Nigeria advanced by 9.84 per cent to close at N13.95, per share. On the other side, Industrial & Medical Gases Nigeria, Nigerian Enamelware, Thomas Wyatt Nigeria and Union Dicon Salt led others on the losers’ chart with 10 per cent each to close at N33.30, N35.10, N2.70 and N10.80 respectively, per share. Academy Press followed with a decline of 9.95 per cent each to close at N8.60, while Eterna declined by 9.36 per cent to close at N31.00, per share.
The total volume of trade decreased by 47.50 per cent to 947.871 million units, valued at N17.972 billion and exchanged in 36,036 deals. Transactions in the shares of FCMB Group led the activity with 460.949 million shares worth N53.391 million. Universal Insurance followed with a volume of 42.221 million shares valued at N6.420 billion, while Royal Exchange traded 35.224 million shares valued at N72.499 million.
Zenith Bank traded 26.734 million shares worth N1.732 billion, while First Holdco traded 25.906 million shares worth N791.009 million.
Looking ahead, a group of analysts at Coronation Asset Management said that “we expect market sentiment to remain cautious, pressured by continued profit-taking.
“Nonetheless, bargain-hunting in fundamentally sound counters, particularly ahead of Q3 earnings and most Tier-1 banking H1 2025 releases, could provide intermittent support to the ASI.”
Also, a group of analysts at Cordros Research noted that investor sentiment is likely to stay cautious this week, with continued profit-taking and selective portfolio reallocation into fundamentally strong stocks offering attractive entry points.
“Over the medium term, equity market direction will hinge on macroeconomic conditions and the trajectory of fixed income yields, which remain the key drivers of relative asset allocation,” the firm added.
 |
ReplyReply allForwardAdd reaction |
The post Stock Market Adds N262bn on Demand for Transcorp Power, 40 Others appeared first on THISDAYLIVE.
