Transcorp, GTCO lift equity market up by 0.47%

Transcorp, GTCO lift equity market up by 0.47%

Transcorp Corporation (Transcorp) and Guaranty Trust Holding Company(GTCO) on Wednesday drove the Nigerian equity market higher by 0.47 percent as the largest stocks in volume and value.

Specifically, Transcorp led the volume chart with 38.95 million shares traded, despite a decline of 2.94 percent in its share price, which opened at N17.00 and closed at N16.50.

GTCO led the value chart with deals worth N1.17 billion, having opened  at N43.00 to close at N44.50 per share, indicating an increase of 3.26 percent.

Analysis of the market activities showed that the value of transactions went down by 35.93 percent.

Meanwhile, 326.95 million shares valued at N9.12 billion were exchanged in 9,570 deals on the trading floor, as against 565.79 million shares valued at N14.23 billion exchanged in 11,519 deals on Tuesday.

Sustained interest in MTN Nigeria, Transcorp, Guaranty Trust Holding (GTCO), Julius Berger, NEM Insurance, among other top traders pulled the market up.

Consequently, All-Share index went up by 0.47 percent or 483 points to close at 104,007.36 points, compared to the 103,524.44 recorded on Tuesday.

Also, investors gained N273 billion or 0.47 per cent, as the market capitalisation, which opened at N58.533 trillion, closed at N58.806 trillion.

As a result, the Year-To-Date (YTD) return rose to 39.10 per cent.

Transcorp led in volume with 38.99 million shares valued at N642.23 million.

Unity Bank followed with 37.20 million shares worth N69.83 million.

GTCO traded 26.44 million shares valued at N1.17 billion, while the United Bank of Africa (UBA) sold 21.29 million shares amounting to N565.24 million

FBN Holdings transacted 18.62 million shares worth N625.69 million.

Meanwhile, market breadth closed positive with 32 gainers and 23 losers.

On the gainer’s log, Julius Berger and Ecobank Transnational Incorporated(ETI) led in percentage terms of 10 each to close at N67.10 and N22.00 per share, respectively.

NEM Insurance gained 9.92 percent to close at N6.65, RT Briscoe rose by 8.89 percent to close at 49k, while Omatek Venture went up 8.70 percent to close at 75k per share.

On the losers side, SkyWay Aviation Handling Company led in percentage terms of 10 to close at N22.95, while SUNU Assurances trailed by 9.62 percent to close at N1.41 per share.

Also, May & Baker Nigeria shed 9.62 percent to close at N1.41, LASACO Assurance lost 5.66 percent to close at N2 and JapaulGold dropped 4.35 percent to close at N2.20 per share.