Transcorp Power, FBN Holdings lift Market Cap by N194bn

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The Nigerian Exchange witnessed a significant N194 billion gain in market capitalization on Tuesday, largely propelled by the strong performance of newly listed stock Transcorp Power, alongside its parent company Transcorp, and FBN Holdings.

The market capitalization surged by 0.35 percent to reach N56.083 trillion, while the All-Share Index closed trading at 99,190.46 points.Transcorp Power Plc made its debut on the Main Board of the NGX through introduction on Monday, contributing approximately N1.8 trillion to the exchange’s market capitalization. It marked a remarkable first day of trading, with a 10 percent increase, closing at N264 per share, surpassing its listing price of N240 per unit.

Although the market breadth, indicating investor sentiment, leaned towards the negative side with 10 gainers and 37 losers, indigenous conglomerate Transcorp led the gainers with a 10 percent rise in its share value to N17.27. Meanwhile, Transcorp Power continued its winning streak, gaining 10 percent for the second consecutive day to close at N290.40, and FBN Holdings added 9.88 percent, closing at N31.15.

On the flip side, International Breweries and NASCON Allied Industries were among the top losers, both shedding 10 percent to close at N4.32 and N48.15 respectively. May&Baker also experienced a dip, closing at N5.08, down by 9.93 percent.

Source: PUNCH

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