Equities Market Opens Positive with Transcorp Power Listing
The equities market of the Nigerian Exchange (NGX) opened the week on a positive note after losing streaks which wiped off N4 trillion from the local bourse in two weeks. On Monday, the All-share index (ASI) advanced by 0.10%, majorly stemming from strong investors’ interest in BUACEMENT (+4.44%) and the newly listed TRANSPOWER (+10.00%), stockbrokers said in an update.
Other notable contributors include gains from Transcorp group, Geregu Power Plc and PZ among others. Specifically, TRANSCORP recorded a +9.94% gain in the market at the beginning of the week followed by GEREGU which did a +2.35% uptick while PZ rose by +9.93%.
Based on the trading record, TRANSCORP (+9.94%) was the top-performing stock on the exchange while the worst-performing company was DANGSUGAR (-10.00%).
Trade metrics moved in tandem, with the total volumes advancing by 16.87% to 429.64 million units, while the value traded advanced by 193.76% to N19.92 billion.
TRANSCORP led the volume chart with 203.43 million units traded, accounting for 40.35% of the total volume, while TRANSPOWER led the value chart with deals worth N10.56 billion, accounting for 102.50% of the total turnover. However, the market breadth closed negative at 0.96x (24 gainers and 25 losers).
Sectoral performance was mixed, with the Industrial Goods (+1.58%) due to interests in BUACEMENT (+4.44%). Also, the Oil and Gas (+0.04%) index closed higher. On the flipside, the Consumer Goods (-1.20%), Banking (-0.46%) and Insurance (-0.19%) indices contracted following selloffs in DANGSUGAR (-10.00%), UBA (-3.04%) and MANSARD (-2.88%), respectively.
Dangote Sugar Refinery Plc reported a N73.8 billion loss that was primarily driven by foreign exchange losses incurred during the period. Specifically, the company recorded material increases in net exchange losses on its business operation and letters of credit.
In addition to the impact of FX movements, the new intercompany loan of N117.5 billion added further pressures to finance cost and bottom line. Transcorp Power Plc, a subsidiary of Transnational Corporation Plc was listed by introduction on the main board of the NGX at N240, with a market cap of N1.8 billion.
The stock gained 10.00% to close at N264 after 40 million units changed hands at a total value of N10.56 billion. #Equities Market Opens Positive with Transcorp Power Listing Naira Suffers Big, CBN Goes Ballistic Against FX Whales

