Stock Market Up 0.14% on Buying Interest in Aradel Holdings, 23 Others

Kayode Tokede

The Nigerian stock market yesterday began the trading week on a positive note with a gain of 0.14 per cent, following investors bargain hunting in Aradel Holdings Plc and 23 others.

The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 137.75 basis points or 0.14 per cent to close at 97,373.94 basis points from 97,236.19 basis points. Also, market capitalisation rose by N84 billion to close at N59.004 trillion from N58.920 trillion the stock market opened for trading this week.

Thus, the NGX ASI in its month-to-date and Year-to-Date returns stood at -0.3per cent and +30.2per cent, respectively.

However, market breadth closed negative, as 24 stocks gained relative to 27 losers. Eunisell Interlinked emerged the highest price gainer of 10 per cent to close at N9.02, per share. Aradel Holdings followed with a gain of 9.99 per cent to close at N533.80, while John Holt up by 9.98 per cent to close at N5.29, per share.

Deap Capital Management and Trust rose by 9.35 per cent to close at N1.17, while Custodian Investment appreciated by 8.62 per cent to close at N12.60, per share.

On the other side, United Capital led others on the losers’ chart with 9.78 per cent to close at N16.15, per share. Sovereign Trust Insurance followed with a decline of 7.25 per cent to close at 64 kobo, while Prestige Assurance declined by 6.67 per cent to close at 56 kobo, per share.

Consolidated Hallmark Holdings lost 5.88 per cent to close at N1.60, while Tripple Gee & Company depreciated by 5.49 per cent to close at N1.72, per share.

The total volume traded decreased by 37.82 per cent to 297.830 million units, valued at N7.518 billion, and exchanged in 9,902 deals. Transactions in the shares of Sterling Financial Holdings Company led the activity with 36.132 million shares worth N180.861 million. United Bank for Africa (UBA) followed with account of 33.497 million shares valued at N1.041 billion, while Access Holdings traded 24.595 million shares valued at N590.091 million.

Flour Mills of Nigeria traded 15.034 million shares worth N977.287 million, while FBN Holdings (FBNH) traded 14.523 million shares worth N398.274 million.

Looking forward, United Capital Plc said “the equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks. However, given the high interest rates in the fixed income and money markets, we expect some bearish undertone to persist in the equities market as fixed income biased investors take advantage of the high yields in the fixed income space.

“Nevertheless, the Bulls will remain incentivized to persist in bargain hunting, given the tremendous mi

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