…As TCN says National grid attains new generation, transmission, distribution peak of 5,375MW***
Contrary to market expectations ahead of the general elections, activities resumed for the week on the Nigerian Stock Exchange (NSE) on a positive trend with a growth of 0.80 per cent.
The All-Share Index on Monday rose by 251.95 points or 0.80 per cent to close at 31,781.87 compared with 31,529.92 achieved on Friday.
Also, the market capitalisation which opened at N11.758 trillion inched N93 billion or 0.80 per cent to close at N11.851 trillion.
In spite of the growth, market analysts had maintained that the stock market would witness mixed performance this week being an election week.
Forty stocks recorded price growth, while 10 stocks posted price depreciation.
A breakdown of the price movement chart indicates that Beta Glass led the gainers’ table with a gain of N8.30 to close at N73.30 per share.
Seplat followed with a gain of N5 to close at N565.50, while Unilever gained N2 to close at N39 per share.
Cadbury added N1 to close at N11, while Stanbic IBTC also appreciated by N1 to close at N48 per share.
On the other hand, Total recorded the highest price loss to lead the losers’ table, dropping by N15.90 to close at N205 per share.
International Breweries followed with a loss of N1 to close at N29, while C & I Leasing declined by 90k to close at N8.14 per share.
Dangote Cement was down by 50k to close at N185, while Medview lost 15k to close at N1.70 per share.
In all, a total of 551.59 million shares valued at N5.65 billion were transacted by investors in 5,220 deals.
This was in contrast with 723.79 million shares worth N12.21 billion traded in 5,752 deals on Friday.
Access Bank was the active stock, exchanging 101.62 million shares valued at N700.19 million.
United Bank for Africa followed with an account of 69.91 million shares worth N547.13 million, while Diamond Bank traded 52.67 million valued at N125.72 million.
Zenith Bank sold 46.51 million shares worth N1.15 billion, while Transcorp exchanged 45.07 million shares valued at N64.69 million.
Meanwhile, the Transmission Company of Nigeria (TCN) says the National Grid successfully transmitted a new generation peak of 5,375MW on February 7.
Mrs Ndidi Mbah, TCN General Manager, Public Affairs in a statement in Abuja on Monday said it was the first time the nation’s power grid generated, transmitted and distributed such quantum of power.
She said the attainment of new national peak in power generation, transmission and distribution was a clear indication of the success of President Muhammadu Buhari’s administration’s policy on incremental power.
Mbah said the generation peak of 5,224MW which was also successfully transmitted by TCN was attained on Dec. 18, 2017.
“This has now been surpassed by the new peak of 5,375MW.’’
According to her, the present capacity of Generation Companies (GenCos) nationwide is 7,450MW which is expected to significantly increase with the expected recovery of all the generators at Egbin plant by the management of Sahara Energy.
“The capacity of transmission based on the simulation of December. 2018 is 8,100MW.
“Since the last simulation, several transformers have been added to transmission,’’ she said.
Mbah said with the new combined peak, Distribution Companies (DisCos) had also increased their capacity.
She, however, said more work was needed to improve the distribution capacities to fully stabilise the sector.
The TCN spokesperson said the company had continued to upgrade critical transmission infrastructure nationwide with the commissioning of more than 40 power transformers and lines in 2017 and 2018.
She said the company had also constructed seven new substations and was diligently pursuing its Transmission Rehabilitation and Expansion Programme (TREP).
“As at date, TCN’s wheeling capacity has increased from 5,000MW in 2016 to 7,124MW in 2017 and 8,100MW in 2018.’’
She said TCN was not only focusing on grid expansion but also on the quality of the power.
The TCN spokesperson said TCN achieved frequency control of between 49.50Hz and 50.50Hz between May 2017 and Nov. 2018 which had not been achieved for the past 20 years.
“From Dec. 2018 to date, TCN equally achieved the best frequency control of between 49.75Hz and 50.25Hz for 85 per cent of the time.’’
This, she said was the best frequency ever witnessed in the history of the Nigerian power sector.