Aradel Leads Nigerian Stock Market with N21.4 Billion Deals as Cement Selloff Pushes ASI Down 1.26%

The Nigerian stock market closed sharply lower on Monday, November 17, as the All-Share Index (ASI) slipped by 1,853.82 points to 145,159.77, marking a 1.26% decline from Friday’s close of 147,013.6. The drop was largely driven by a 10% tumble in Dangote Cement shares, which weighed heavily on the market.

Trading activity also slowed significantly, with volume falling to 388.1 million shares from 671 million on Friday. Market capitalization mirrored the slide, easing to N92.3 trillion across 28,492 deals, down from the previous week’s N93.5 trillion. Despite the downturn, a few stocks bucked the trend, giving cautious optimism to investors.

Aradel emerged as a standout performer in terms of trading value, posting N21.4 billion in deals, the highest for the day. Tantalizers led in volume, trading 57.1 million shares, while Aradel followed with 30.4 million shares. Other notable movers included GTCO, Aso Savings, and Sterling Bank, rounding out the top five in trading activity.

Among the gainers, Sovereign Trust Insurance and NCR (Nigeria) recorded impressive gains of 9.97% and 9.96% respectively. On the other hand, Nigerian Enamelware and Dangote Cement fell 10% each, making them the biggest laggards of the session. Broad market sentiment remained negative, with most large-cap stocks displaying weakness, including Access Bank, First Bank, Zenith Bank, GTCO, and UBA.

Looking ahead, analysts suggest the ASI could continue its bearish trajectory toward the 141,000 support zone if selling pressure in major stocks persists. However, a rebound is possible if investors seize opportunities in retracing stocks, potentially pushing the index back above 150,000 in the near term.

source: nairametrics