The market cap rose by 0.35 per cent to N56.083tn while the All-Share Index of the market increased to close trading at 99,190.46 points.

Transcorp Power Plc listed its shares via introduction on the Main Board of the NGX on Monday, adding about N1.8tn to the market capitalisation of the exchange.

It gained 10 per cent on the first day of trading, to close at N264 per share, up from the listing price of N240 per unit.

Market breadth, which is the measure of investors’ sentiment was negative as reflected in 10 gainers and 37 losers.

Indigenous conglomerate, Transcorp, led the gainers with a 10 per cent rise in its share value to N17.27; Transcorp Power gained 10 per cent for the second consecutive day to close trading at N290.40 and FBN Holdings added 9.88 per cent to close at N31.15.

The losers were led by International Breweries and NASCON Allied Industries which lost 10 per cent each to close at N4.32 and 48.15 each. May&Baker closed at N5.08, dipping by 9.93 per cent.

Transaction volume for the day recorded 398.13 million, compared to the previous day’s volume of 429.64 million trades valued at N31.78bn from the 10,976 deals executed. The number of stocks which saw some activity on Tuesday was 126.

The volume and value drivers of the day’s market trend were led by stocks of Transcorp, Transcorp Power and MTN Nigeria.

The company is a member of the Transcorp Group, which includes Transcorp Hotel, equally listed as a separate entity.

According to a statement, it was revealed that the company aims to offer 7.5 billion ordinary shares, of 50 kobo each, at a listing price of N240.00 per share.

The listing ceremony is set to take place on March 4th at the premises of the Nigerian Exchange Limited.

The statement further reads:  We are delighted to announce that the Facts Behind the Listing and Closing Gong Ceremony of Transcorp Power Plc to commemorate the Listing by Introduction of 7,500,000,000 Ordinary Shares of 50 kobo each at N240.00 per share on Nigerian Exchange Limited is scheduled for Monday, 04 March 2024”

Recall in April 2023, Tony Elumelu, Transcorp’s chairman stated that there were plans to list Transcorp Power as a separate entity within 5 years.

Mr. Elumelu made this comment when he was asked about rumors of a potential spin-off of Transcorp Power Plc following a board resolution passed after its Annual General Meeting (AGM).

Elumelu denied the rumors that he planned to list Transcorp Power as a separate institution on the Exchange, stating that the conglomerate was in it for the long term.

He said, “No (we are not listing), I hear that rumor from time to time, especially after some competing institutions were listed on the Exchange. No, we are long-term players, we want to grow more and significant value in the power sector.”

He, however, proceeded to confirm that a spin-off was on the cards, albeit in 5 years, on the condition that transmission lines and challenges with gas would have been fixed.

“We are looking at about 5 years from now to list Transcorp Power because we believe the transmission lines would have been fixed and the gas supply to the power sector would have improved significantly,” Elumelu said.

At an expected valuation of N1.8 trillion, Transcorp Power will become the second most valuable power company on the exchange and will automatically join the SWOOTs (Stocks Worth Over One Trillion Naira).

Of great importance to note is that, the most valuable power company based on market capitalization is Geregu Power with a market cap of N2.4 trillion.