By Munachimso Obienyi
The shares of Geregu Power Plc witnessed optimism after it grew by 19.91 per cent at the close of trading yesterday despite a sustained bearish market occasioned by the build-up to the 2023 general elections and interest rate hike.
The Nigerian Exchange Limited (NGX) had on Wednesday announced the listing by the introduction of the power firm on the main board of the Exchange.
According to the NGX, a total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the Utility sector 2 and Electric Power Generation sub-sector of NGX, with the trading symbol, GEREGU.
Furthermore, the listing of Geregu’s shares added N250 billion to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
Investigations done by Daily Sun revealed the company, which was listed at N100 per share and N250 billion in market capitalization closed Wednesday and Thursday at 10 per cent and 9.91 per cent respectively. This meant that the power stock increased by 19.91 per cent in two consecutive trading sessions.
Further analysis showed that at the close of business on Thursday, 4.96 million worth N586.76 million were traded by investors.
Despite the listing, the stock market had maintained a bearish profile as the NGX All-Share Index fell by 3.23 per cent to close at 47,259.27 points as against 0.08 per cent or 43.04 basis points which closed at N48.879.74 index points in the previous trading session.
Also, market capitalisation which opened at N26.600 trillion fell by N859 billion close at N25.741 trillion as Airtel Africa, Presco, Okomu Oil and 20 others recorded declines.
