Investors react to Transcorp’s N4.2bn HY profit as stock lead gainers

Transnational Corporation of Nigeria Plc recorded the highest growth of 8.05 per cent on the Nigerian Stock Exchange market on Monday on account of aN4.2billion profit declared for the first six months of 2017, as against a loss of 12.2 billion recorded in the corresponding period of the prior year.

The Stock consequently gained 12 kobo and closed the day at N1.61 per share.

Also in anticipation of an impressive half year result, Dangote Cement and Julius Berger rose five per cent and 4.96 per cent respectively to close at N222.60 and N36 per share.

These stocks alongside 17 other gainers led the market to a robust gain of N218b or 1.86 per cent, as market capitalization closed the day at N11.943 trillion from its opening figure of N11.725 tr.

Lead market indicator- The All-Share Index remained upbeat with an appreciation of 632.15points or 1.86 percent to close at 34,652.52points against 34,020.27 achieved last Friday, extending rally to the 13th consecutive session.

The day ended with 20 losers also. They were led by AIICO Insurance, which dropped 5 per cent to close at 57 kobo per share, while Morison Industries and Vitafoam followed with a loss of 4.85 per cent each to close at N1.57 and N2.55 per share.

The volume of shares traded in 3,712 deals, howeve,r depreciated by 22 per cent, as investors moved 293.8 million shares as against 378.2 million shares traded in previous session. Total value also dropped to N3.9 billion compared to N5.11 billion staked in 4,516 deals.

Meanwhile, NSE says African Alliance Stockbrokers Limited has resigned its Membership as a dealing member firm
According to a notification from the Exchange dated Monday, July 24, 2017, and signed by Council Secretary, Mojisola Adeola, the stockbroking firm disclosed that the resignation takes effect from Monday, July 31, 2017.

The notice titled, “Notification Of Resignation Of African Alliance Stockbrokers Limited’s Dealing Membership Of The Nigerian Stock Exchange” further noted that “Any person(s) with any objection regarding the resignation of African Alliance Stockbrokers Limited Dealing Membership of the Nigerian Stock Exchange should immediately contact the appropriate quarters.”