stock market experienced a rebound, increasing by N306 billion due to heightened demand for Aradel and 27 other stocks.
Yesterday, the stock market experienced a resurgence, with a notable N306 billion increase in market capitalization. This upswing was primarily attributed to the robust investor interest in Aradel Holdings Plc and 27 other esteemed companies.
Aradel Holdings witnessed a remarkable surge of 9.23 percent, translating to N43.70 per share, and closed at an impressive N517 per share. The Nigerian Exchange Limited All-Share Index (NGX ASI) mirrored this positive trend, escalating by 487.24 basis points or 0.50 percent, ultimately settling at 97,783.81 points. Consequently, the Month-to-Date and Year-to-Date returns exhibited an improvement, reaching +0.1 percent and +30.8 percent, respectively.
This favorable market performance was further reflected in the ascent of market capitalization to an impressive N59.275 trillion.
The performance of various sectors within the Nigerian Stock Exchange (NGX) exhibited a mixed trend. The NGX Banking Index experienced a positive change of 0.7%, while the NGX Insurance Index and the NGX Industrial Goods Index both recorded a modest increase of 0.2%. Conversely, the NGX Oil & Gas Index declined by 0.5%, and the NGX Consumer Goods Index witnessed a slight decrease of 0.1%.
Investor sentiment leaned slightly towards the negative side, as evidenced by the market breadth, which indicated that 28 stocks experienced gains while 29 faced declines.
Vitafoam Nigeria emerged as the top-performing stock, registering an impressive rise of 9.81% to close at N23.50 per share. Aradel Holdings followed closely with a significant increase of 9.23%, reaching N517.00, while FTN Cocoa Processors demonstrated a notable growth of 7.82% to settle at N1.93 per share.
Sovereign Trust Insurance experienced a rise of 6.25 percent, concluding at 68 kobo, while Oando witnessed a growth of 5.40 percent, settling at N65.35 per share.
Conversely, Prestige Assurance led the decliners with a 10 percent loss, closing at 81 kobo per share. Unilever Nigeria followed with a decline of 9.97 percent, reaching N26.65, and Austin Laz & Company dropped by 9.96 percent, settling at N2.17 per share.
John Holt encountered a decline of 9.90 percent, concluding at N8.92, while Eterna observed a decrease of 6.94 percent, finishing at N20.80 per share.
In addition, the overall trading volume fell by 23.1 percent to 632.811 million units, with a total value of N10.811 billion across 8,404 transactions. FBN Holdings (FBNH) led the trading activity, with 166.764 million shares traded, amounting to N4.184 billion. Following closely was Haldane McCall, which recorded 119.298 million shares valued at N669.809 million, and Guinea Insurance, which traded 41.317 million shares worth N20.733 million.
Cutix saw a transaction of 38.530 million shares valued at N90.529 million, while Access Holdings traded 20.573 million shares worth N473.624 million.