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

Investors' demand for Aradel Holdings Plc and 33 other companies lifted the Nigerian stock market by N651.78 billion on Tuesday, according to the Nigerian Exchange Limited. The stock price of Aradel Holdings surged 9.62 percent to close at N1,550.00 per share, contributing to a market capitalization of N158.399 trillion, an increase of N651.78 billion from the previous day's N157.747 trillion.

This resulted in the NGX Al Share Index moving to 244,304.51 basis points, marking a 0.41 percent increase or 1,005.27 basis points from the opening level of 243,299.24 basis points. The month-to-date performance was flat, while Year-to-Date returns stood at +56.9 percent. Sectoral performance was mixed, with the NGX Oil & Gas, NGX Consumer Goods, and NGX Banking indices advancing by 3.8 percent, 1.1 percent, and 0.1 percent, respectively, while the NGX Industrial Goods and NGX Insurance indices declined by 0.6 percent and 0.2 percent, respectively.

Positive market sentiment was evident, with 1.3 times more stocks gaining than losing, with the NGX Group Plc leading gains by 9.95 percent or N16.20 per share to close at N179.00 per share. Aradel Holdings also gained 9.50 percent or N0.17 per share to close at N1,550.00 per share, as did Sovereign Insurance Plc. However, ETI, Trans Express Plc, and AVA Capital Plc suffered losses, with their stock prices dropping by 10 percent, 9.93 percent, and 9.90 percent, respectively.

Trading volume increased by 17.8 percent to 505.12 million units, valued at N36.29 billion, comprising 71,635 deals. Mutual Benefit was the most traded stock by volume, while Aradel Holdings Plc led in terms of value traded at N6.35 billion. Looking ahead, Cowry Assets Management Limited advised that the market should approach the forthcoming Dangote Refinery IPO with caution due to mixed sectoral interests.