Aradel Holdings, 27 Others Lift Stock Market By N306bn

The domestic stock market rebounded yesterday with a gain of N306 billion, buoyed by price increase in Aradel Holdings Plc and 27 others.

The All-Share Index (ASI) gained 487.24 points, representing a gain of 0.50 per cent to close at 97,783.81 points. Also, market capitalisation rose by N306 billion to close at N59.275 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, Oando, Vitafoam Nigeria, Lafarge Africa and Dangote Sugar Refinery.

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.

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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.