Transcorp Hotels, Beta Glass, others reroute stock market northwards

...investors book N300bn gain

Nigeria’s stock market on Thursday recorded its first gain this week, thanks to investors who bought shares of Transcorp Hotels Plc, Beta Glass Plc and others seen on the advancers list.

The share price of Transcorp Hotels increased most, from N5.36 to N5.89, up by 53kobo or 9.89 percent, while that of Beta Glass followed, from N57 to N62.55, adding N5.55 or 9.74percent.

At the close of trading session Thursday, the Nigerian Exchange Limited All-Share Index (ASI) and Market Capitalisation increased by 1.05percent or about N300billion, from 52,721.34 points and N28.422trillion respectively to 53,275.49 points and N28.721trillion. The market’s positive return year to date by increased to 24.72 percent.

Read also: Stock market moves further south

“The market continues to trade bearish as seen in the negative market breadth despite today’s (Thursday) recovery. For the last trading session of the week, we expect the market to trade mixed with a chance of recovery in the banking sector given this week’s negative activity,” according to Lagos-based research analysts at Vetiva.

Transcorp Plc, MTN Nigeria Plc, Conoil Plc, GTCO Plc and FBN Holdings were most traded stocks on the Bourse on Thursday. In 5,184 deals, investors exchanged 274,556,626 shares valued at N8.446billion.

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