Stock market maintains upward trajectory as investors buy Transcorp entities

Nigeria’s equities market rose by 0.40 percent on Wednesday, maintaining its steady upward trajectory.

The market’s new high was largely supported by gains in Transcorp entities – like newly listed Transcorp Power Plc and its parent company Transnational Corporation Plc.

Following the positive close, analysts anticipate similar trading session on Thursday. The market’s year-to-date (YtD) return stood higher at 33.19 percent.

Transcorp Power led the league of top advancers on Wednesday after its share price rose from N290.40 to N319.40, adding N29 or 9.99 percent.

It was followed by that of Transnational Corporation which increased from N17.27 to N18.99, up by N1.72 or 9.96 percent while FBN Holdings joined the club of top gainers after its share price moved from N31.15 to N34.25, up by N3.10 or 9.95 percent.

The Nigerian Exchange Limited All Share Index (NGX-ASI) closed higher at 99,591.64 points while the value of listed stocks rose to N56.310trillion as against preceding trading day’s lows of 99,192.82 points and N56.083 trillion respectively.

In 9,338 deals, investors exchanged 416,477,831 shares worth N19.508billion.