Transcorp Power Plc, a prominent power firm recently listed on the Nigerian Exchange Group Plc, emerged as the top gainer for the week, reporting a substantial gain of approximately N835 billion by the close of weekly trading.
This surge highlights the strong demand for the shares of the new power company, concluding the week with a 46.38% increase, reaching a market valuation of N2.635 trillion.
The subsidiary of Transcorp Plc, Transcorp Power Plc, listed 7.5 billion shares at N240.00 per share on March 4th through the introduction on the Main Board of the Nigerian Exchange.
This listing significantly boosted the overall NGX market capitalization by N1.8 trillion, with its shares rising by 10% on the first trading day.
Transcorp Group, with two subsidiaries listed on NGX, demonstrates its commitment to creating value for the Nigerian public and driving economic growth. According to Nairametrics, the power firm’s stock grew by 46.38% to N351.30 per share, resulting in an increase in market capitalization from N1.800 trillion to N2.635 trillion compared to the opening figures for the trading week.
Other notable gainers for the week included Juli Plc, experiencing a 32.53% increase, International Energy Insurance Plc with a 20.86% rise, and Transcorp Plc, whose shares increased by 19.05%.
The NGX All-Share Index and Market Capitalization appreciated by 2.61% and 6.03%, closing the week at 101,330.85 and N57.293 trillion, respectively.
The positive trajectory is attributed to investors’ demand pressure on stocks listed on NGX. The total turnover for the week reached 2.157 billion shares worth N108.824 billion.
