NGX Hits N59.5Trn as Aradel Holdings Comes to Market

NGX Hits N59.5Trn as Aradel Holdings Comes to Market

The equities market capitalisation of the Nigerian Exchange (NGX) roared as Aradel Holdings Plc came to the local bourse to list as public company. Data from the Exchange showed that key performance indicators shifted upward due to bargain hunting at the beginning of the trading session.

The NGX-ASI advanced by 0.62%, while the market capitalization surged by a remarkable 6.10%, said Atlass Portfolios Limited. 

Stockbrokers said discrepancy between the performance indicators was due to the Listing by ‘Introduction’ of Aradel Holdings Plc’s 4,344,844,360 Ordinary Shares of 50 kobo each at ₦702.69 Per Share on the exchange today.

The market index or All-Share Index advanced by 608.50 basis points in today’s trading session, reflecting a 0.62% increase to close at 98,215.13 points. 

Investors’ sentiment remained bullish, continuing from last Friday, with strong buying interest in the newly listed Aradel Holdings, as well as medium and large-cap stocks such as DANGSUGAR, OANDO, and others.

The buy side activities triggered a ₦3.42 trillion increase in investors’ wealth. Generally, equities market activities improved as the total volume and total value traded increased by 0.18% and 251.96% respectively.

In its market update, stockbrokers at Atlass Portfolios Limited said approximately 304.97 million units valued at ₦19,707.80 million were transacted across 8,083 deals.

CUTIX was the most traded stock in terms of volume, accounting for 12.49% of the total volume of traded on the Exchange. Other volume drivers include ZENITHBANK (11.22%), UBA (11.17%), CHAMS (6.20%), and ARADEL (6.16%).

ARADEL emerged as the most traded stock in value terms, accounting for 73.309% of the total value of trades on the exchange.  WAPIC topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by ARADEL with (+9.99%) growth, CONHALLPLC (+9.35%), NASCON (+6.67%), LINKASSURE (+5.38%), FIDSON (+4.30%) and thirteen others.

Stock market analysts noted that thirty-one stocks depreciated. VITAFOAM was the top loser, with a price depreciation of -9.09%. Other decliners include TANTALIZER (-8.33%), ELLAHLAKES (-4.31%), STERLINGNG (-3.61%), LASACO (-3.33%), and UNILEVER (-1.30%).

Today, the market breadth closed negative, recording 19 gainers and 31 losers. But the sectoral performance was positive, as three of the five major market sectors rallied.

The banking sector grew by +0.36%, followed by the Insurance sector, which gained +0.29% while the Consumer goods sector inched higher by +0.24%. The Oil & Gas and Industrial sectors declined moderately by 0.02% and 0.01%, respectively.

Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦3.42 trillion to settle at ₦59.51 trillion as Aradel Holdings come to market. #NGX Hits N59.5Trn as Aradel Holdings Comes to Market

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