The Nigerian Exchange’s (NGX) stock market capitalization soared when Aradel Holdings Plc was listed as a public corporation. The Exchange said that key performance indicators swung upward owing to bargain hunting at the start of the trading day.
Atlass Portfolios Limited said that the NGX-ASI rose by 0.62%, while the market capitalization increased by an astounding 6.10%. Stockbrokers attributed the mismatch in performance indicators to the ‘Introduction’ of Aradel Holdings Plc’s 4,344,844,360 ordinary shares of 50 kobo each at ₦702.69 per share on the market today.
Today’s trading session saw the market index, or All-Share Index, rise by 608.50 basis points, or 0.62%, to end at 98,215.13 points. Investor mood remained high, as it had been since last Friday, with significant purchasing activity in recently listed Aradel Holdings, as well as medium- and large-cap companies such as DANGSUGAR, OANDO, and others.
The buy-side activity led to a $3.42 trillion boost in investor wealth. Overall, equities market activity improved, with total volume and value traded increasing by 0.18% and 251.96%, respectively. Atlass Portfolios Limited reported 304.97 million units valued at ₦19,707.80 million were traded in 8,083 transactions.
CUTIX was the most traded stock in terms of volume, accounting for 12.49% of the total volume 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 31 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 came to market.
