Transcorp Power Listing Sparks N194bn Surge in Nigerian Exchange Market Cap

The Nigerian Exchange (NGX) surged on Tuesday following the listing of Transcorp Power Plc and significant gains from its parent company Transcorp and FBN Holdings.

The market capitalization experienced a notable increase of N194 billion to close at N56.083 trillion while the All-Share Index reached 99,190.46 points.

Transcorp Power Plc made its debut on the NGX Main Board through introduction and contributed approximately N1.8 trillion to the exchange’s market capitalization.

The company’s shares experienced a commendable 10 percent surge on its first trading day, closing at N264 per share to surpass its listing price of N240 per share.

Leading the gainers were indigenous conglomerate Transcorp, recording a 10 percent rise in its share value to N17.27 followed by Transcorp Power, which maintained its 10 percent gain for the second consecutive day, closing at N290.40.

FBN Holdings also witnessed a substantial increase of 9.88 percent, closing at N31.15 per share.

While the market breadth reflected a negative sentiment with 10 gainers against 37 losers, the market’s transaction volume for the day totaled 398.13 million, with a value of N31.78 billion executed from 10,976 deals.

Stocks of Transcorp, Transcorp Power, and MTN Nigeria emerged as the primary drivers of the day’s market activity.