Nigeria’s equities market began the new week on a positive note, recording a 0.10% increase. The Nigerian Exchange Limited (NGX) listed Transcorp Power Plc’s 7.5 billion ordinary shares by introduction, each valued at N240 per share. This addition contributed about N1.86 trillion to the equities market capitalization, with investors trading 40 million units of Transcorp Power Plc shares, totaling N10.560 billion.
Despite the recent hike in benchmark interest rates making fixed income markets more attractive, the stock market demonstrated resilience. The Debt Management Office (DMO) announced the March edition of the FGN Savings Bond with interest rates of 15.097% for 2 years and 16.097% for 3 years.
As of December 31, 2023, Transcorp Power Plc’s register of members revealed 7.5 billion outstanding shares. The parent company, Transnational Corporation Plc (Transcorp), holds the majority (51.57%) with 3.87 billion shares. RichPoint Limited follows with a 33.27% holding, and other shareholders like Woodrock Energy Resources Limited, Seaforce Investments Limited, and Thomassen Holding Limited own 7.46%, 3.60%, and 2.57% of the total shareholding, respectively.
Following the listing, the NGX All-Share Index (ASI) and Market Capitalization increased to 98,847.89 points and N55.889 trillion, respectively. In 10,749 deals, investors exchanged 429,639,960 shares worth N19.924 billion.
Market analysts expect mixed sentiment toward equities investments, with bearish sentiments possibly outweighing positive sentiments due to high fixed income yields. However, an increased appetite for corporates in the financial services sector is anticipated, especially as investors position themselves in dividend-paying stocks ahead of full-year dividend declarations.
Analysts also foresee a mixed, slightly bearish note in the local bourse, with some companies’ unimpressive financial performance contributing to negative sentiment. The anticipation of rising interest rates in the fixed-income market may limit liquidity in the equities market. Bargain hunting is expected on stocks with attractive upside potentials, but an overall market closure in the red zone is anticipated for the week.
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Reporting by Peter Anene, Business Editor in Lagos, Nigeria.
