Market cap gains N575bn as NGX Group, Aradel lead rally
The Nigerian Exchange (NGX) sustained its positive momentum on Tuesday, with market capitalisation rising by N575.25 billion as buying interest in medium and large-cap stocks lifted key market indicators. The market closed 36 basis points higher, despite ongoing activity surrounding the Dangote Refinery initial public offering (IPO). The All-Share Index (ASI) gained 887.23 points to […]
Nigeria's stock market experienced a notable rally on Tuesday, with the total market capitalization soaring by N575.25 billion. Buying interest in medium and large-cap stocks fueled key market indicators, resulting in the All-Share Index climbing 887.23 points to close at 244,186.47. The NGX Group led the gains, surging 9.95%, followed closely by Aradel Holdings, which increased by 9.62%.
The Oil & Gas sector emerged as the sectoral leader, buoyed by strong demand for Aradel Holdings (ARADEL) shares and other companies such as NGX Group, Zenith Bank, and HBMNG. Trading activity intensified, with total volume and transaction value rising by 17.75% and 76.84%, respectively. MBENEFIT, GTCO, Zenith Bank, Fidelity Bank, and MANSARD were among the most traded stocks by volume, while Aradel Holdings dominated the value chart, accounting for 17.12% of the total transaction value.
Despite the overall positive trend, 28 stocks recorded price declines, with ETI posting the steepest drop at 10.00%. Sectoral performance remained broadly positive, with three of the five major sectors closing higher, including the Oil & Gas, Consumer Goods, and Banking sectors.
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