Nigeria: Demand for Aradel Holdings, 25 Others Lift Stock Market By N365bn

30 January 2025
This Day (Lagos)
By Kayode Tokede

 

Investors' aggressive demand for Aradel Holdings Plc, and 25 other companies yesterday lifted the market capitalisation by N365billion as these companies released full year 2024 financial results on the Nigerian Exchange Limited (NGX).

As Aradel Holdings gained 10 per cent, the NGX All-Share Index rose by 590.55 basis points or 0.57 per cent to close at 104,549.74 basis points. While the overall market capitalisation value gained N365 billion to close at N64.521 trillion.

As a result, the NGX ASI Year-to-Date return inched higher to +1.6per cent.

On sectors performance, the NGX Oil & Gas index added 3.3per cent, NGX Consumer Goods index advanced by 0.8per cent and NGX Banking index appreciated by 0.8per cent, while the NGX Insurance index dropped by 1.7per cent. The NGX Industrial Goods index closed flat.

However, investor sentiment, as measured by market breadth, closed negative, as 26 stocks gained while 38 stocks lost.

Aradel Holdings recorded the highest price gain of 10 per cent to close at N594.00, per share. Chellaram followed with a gain of 9.98 per cent to close at N5.40, while Stanbic IBTC Holdings up by 9.92 per cent to close at N71.45, per share.

University Press appreciated by 9.64 per cent to close at N5.12, while DAAR Communications up by 9.09 per cent to close at 84 kobo, per share. On the other hand, McNichols and Caverton Offshore Support Group led the losers' chart by 10 per cent each to close at N1.44 and N2.07 respectively, while Thomas Wyatt Nigeria followed with a decline of 9.80 per cent to close at N1.84, per share.

Veritas Kapital Assurance down by 9.79 per cent to close at N1.29, while Consolidated Hallmark Holdings declined by 9.00 per cent to close at N2.73, per share.

The total volume traded dipped by 22.2 per cent to 421.618 million units, valued at N14.998 billion, and exchanged in 16,256 deals.

Transactions in the shares of Universal Insurance topped the activity chart with 33.619 million shares valued at N21.723 million.

Fidelity Bank followed with 31.905 million shares worth N621.756 million, while FCMB Group traded 23.128 million shares valued at N269.526 million.

Japaul Gold & Ventures traded 20.214 million shares valued at N43.399 million, while Veritas Kapital Assurance transacted 17.090 million shares worth N22.046 million.

On market performance, Afrinvest Limited said "we expect the market to maintain the positive momentum, underpinned by investors' re-assessment of the valuation of major tickers as more full year 2024 earnings are rolled out."

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