Buy Interest in Aradel, 33 Others Lift Stock Market by N651.78bn

Kayode Tokede

Following investors’ demand for Aradel Holdings Plc, and 33 others, the stock market section of the Nigerian Exchange Limited advanced by N651.78 billion yesterday to sustain its positive momentum trading activities this week.

As the stock price of Aradel Holdings on the Exchange gained 9.62 per cent to close at N1,550.00 per share, the market capitalisation of listed companies closed at N158.399 trillion, about N651.78billion increase from N157.747 trillion it closed for trading on Monday.

Consequently, thee NGX Al Share Index moved to 244,304.51 basis points, representing an increase of 0.41 per cent or 1,005.27 basis points from 243,299.24 basis points the stock market opened for trading as the Month-to-Date closed flat, while Year-to-Date returns settled at +56.9 per cent.

Sectoral performance was mixed, as the NGX Oil & Gas index (+3.8er cent), NGX Consumer Goods index (+1.1per cent), and NGX Banking index (+0.1per cent) advanced while the NGX Industrial Goods (-0.6per cent) and NGX Insurance index (-0.2 per cent) declined.

As measured by market breadth, market sentiment was positive (1.3x), as 34 stocks gained relative to 26 losers.

The NGX Group Plc led the gainers chart by 9.95 per cent or N16.20 per share to close at N179.00per share, followed by Aradel Holdings that appreciated by 9.50 per cent or N0.17 per share to close at N1,550.00 per share.

Sovereign Insurance Plc. ggained 9.50 per cent or N0.17 per share to close at N1.96 per share. On the losers chart, ETI dropped by 10 per cent or N7.40 per share to close at N2.45 per share.

As Trans Express Plc depreciated by 9.93 per cent or N0.27 per share to close at N2.45 per share, AVA Capital Plc declined by 9.90 per cent or N0.50 per share to close at N4.55 per share.

However, the total volume traded advanced by 17.8per cent to 505.12 million units, valued at N36.29 billion, and exchanged in 71,635 deals.

Mutual Benefit was the most traded stock by volume at 37.48 million units, while Aradel Holdings Plc was the most traded stock by value at N6.35 billion.

Looking ahead, Cowry Assets Management Limited said, “the market is expected to tread cautiously as investors maintain mixed interests across sector indices following the commencement of Dangote Refinery IPO.”