Stock MarketRebounds, Gains N306bn on Demand for Aradel, 27 Others

Kayode Tokede 

The stock market rebounded yesterday with a gain of N306 billion by market capitalisation, buoyed by investors’ demand for Aradel Holdings Plc and 27 others.

As Aradel Holdings gained  9.23 per cent or  N43.70 per share to close at N517 per share, the Nigerian Exchange Limited All-Share Index (NGX ASI) appreciated  by 487.24 basis points or 0.50 per cent to close at 97,783.81 points with the Month-to-Date and Year-to-Date returns settled higher at +0.1per cent and +30.8per cent, respectively.

Also, market capitalisation rose by N306 billion to close at N59.275 trillion.

On sectors, the NGX   Banking Index (+0.7per cent), NGX   Insurance Index (+0.2per cent), and NGX Industrial Goods Index (+0.2per cent) indices gained, while the NGX Oil & Gas (-0.5per cent) and NGX Consumer Goods (-0.1per cent) settled lower.

Investor sentiment, as measured by market breadth was slightly negative, as 28 stocks gained relative to 29 losers.

Vitafoam Nigeria emerged the highest price gainer of 9.81 per cent to close at N23.50, per share. Aradel Holdings followed with a gain of 9.23 per cent to close at N517.00, while FTN Cocoa processors increased by 7.82 per cent to close at N1.93, per share.

Sovereign Trust Insurance advanced by 6.25 per cent to close at 68 kobo, while Oando rose by 5.40 per cent to close at N65.35, per share.

On the other side, Prestige Assurance led others on the losers’ chart with 10 per cent to close at 81 kobo, per share. Unilever Nigeria followed with a decline of 9.97 per cent to close at N26.65, while Austin Laz & Company shed 9.96 per cent to close at N2.17, per share

John Holt went down by 9.90 per cent to close at N8.92, while Eterna depreciated by 6.94 per cent to close at N20.80, per share.

Meanwhile, the total volume traded declined by 23.1 per cent to 632.811 million units, valued at N10.811 billion, and exchanged in 8,404 deals. Transactions in the shares of FBN Holdings (FBNH) led the activity with 166.764 million shares worth N4.184 billion. Haldane McCall followed with an account of 119.298 million shares valued at N669.809 million, while Guinea Insurance traded 41.317 million shares valued at N20.733 million.

 Cutix traded 38.530 million shares worth N90.529 million, while Access Holdings traded 20.573 million shares worth N473.624 million.