Stock Market Sheds N148bn On Losses In Aradel Holdings, 22 Others

The domestic stock market yesterday halted a two-day bullish close as selloffs in Aradel Holdings Plc and 22 others pulled the overall capitalization lower by N148 billion.

As a result, the All-Share Index declined by 249.40 points, representing a decline of 0.25 per cent to close at 98,291.53 points. Also, market capitalisation declined by N148 billion to close at N59.559 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, Okomu Oil, Nestle Nigeria, Custodian Investment and Fidelity Bank.

Investor sentiment, as measured by market breadth, closed the same, as 23 stocks advanced, while 23 declined. DEAP Capital Management & Trust emerged the highest price gainer of 10 per cent to close at N1.32, per share. UAC of Nigeria (UACN) followed with a gain of 9.90 per cent to close at N21.65, while Dangote Sugar Refinery rose by 9.69 per cent to close at N35.10, per share.

Champion Breweries increased by 9.65 per cent to close at N3.75, while DAAR Communications added 9.26 per cent to close at 59 kobo, per share. On the other side, Custodian Investment led the losers’ chart with 8.98 per cent to close at N11.65, per share. Okomu Oil followed with a decline of 6.86 per cent to close at N338.10, while Consolidated Hallmark Holdings shed 6.62 per cent to close at N1.41, per share.

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Aradel Holdings depreciated by 5.85 per cent to close at N772.00, while McNichols down by 4.93 per cent to close at N1.35, per share.

The total volume traded dipped by 10.0 per cent to 257.552 million units, valued at N8.993 billion, and exchanged in 7,776 deals. Transactions in the shares of Fidelity Bank led the activity with 38.209 million shares worth N559.084 million. United Bank for Africa (UBA) followed with 33.788 million shares valued at N829.613 million, while Guaranty Trust Holding Company (GTCO) traded 16.739 million shares valued at N858.279 million.

Champion Breweries traded 14.440 million shares worth N54.227 million, while Zenith Bank traded 11.593 million shares worth N436.484 million.