Aggressive investor demand for Aradel Holdings Plc and 25 other companies boosted the Nigerian stock market by N365 billion. The market capitalization reached N64.521 trillion, and the NGX All-Share Index rose by 0.57%, closing at 104,549.74 basis points. Aradel Holdings led the rally, gaining 10%, and helped push the market’s year-to-date return to +1.6%.
The oil, consumer goods, and banking sectors saw positive growth, with the NGX Oil & Gas index rising by 3.3%. However, the NGX Insurance index fell by 1.7%, and market breadth closed negative, with more stocks losing value than gaining. Aradel Holdings saw the highest gain, followed by Chellaram and Stanbic IBTC.
Despite a drop in total trading volume, transactions in Universal Insurance, Fidelity Bank, and FCMB Group dominated the market. Analysts expect the market to maintain its positive momentum, driven by the release of more 2024 earnings reports and the ongoing re-assessment of stock valuations.
Source: THIS DAY