Transcorp Power gains N835bn to top weekly gainers
Transcorp Power Plc, a prominent power firm recently listed on the Nigerian Exchange Group Plc (NGX), reported a significant gain of approximately N835 billion by the close of weekly trading, positioning it as the top gainer for the week.
This development underscores the demand for the shares of the new power company, which concluded trading on Friday with a 46.38 percent increase, bringing its market valuation to N2.635 trillion.
Transcorp Power Plc, a subsidiary of Transcorp Plc, on March 4th, listed 7.5 billion shares at N240.00 per share by introduction on the Main Board of the Nigerian Exchange (NGX).
The leading power generation company’s listing boosted the overall NGX market capitalisation by N1.8 trillion, just as its shares rose by 10 percent on the first trading day.
With the listing, Transcorp Group now has two subsidiaries listed on NGX, demonstrating its commitment to creating value for the Nigerian public and catalyzing economic growth.
Analysis conducted by newsmen revealed that the power firm’s stock grew by 46.38 percent to N351.30 per share, resulting in an increase in market capitalization from N1.800 trillion it was listed on the NGX to N2.635 trillion compared to the opening figures for the trading week, where it stood at N240 per share.
Other three notable gainers included shares of Juli Plc, which experienced an increase of 32.53 percent to close at N4.97 per share from the week’s opening value of N3.75.
Similarly, International Energy Insurance Plc witnessed a 20.86 percent increase to close trading at N1.68 per share from an opening figure of N1.3. Additionally, Transcorp Plc’s shares increased by 19.05 percent to close at N17.00 per share from the opening price of N14.28 per share.
The local bourse registered a 2.61 percent higher week-on-week (w/w), recording a significant gain, with the benchmark index settling at 101,330.85 points.
Market analysts attribute this positive trajectory to investors’ demand pressure on the stocks listed on the NGX.
