Aradel and FTG Insurance Propel Nigerian Stock Market to N31.23bn in Trading Surge
The Nigerian stock market opened the second week of March with a strong performance, as heavy trading activity lifted total transactions to N31.23 billion on Monday. Investors were buoyed by optimism across key sectors, with Aradel Holdings Plc and FTG Insurance leading the charge, dominating both trading volume and value charts on the Nigerian Exchange.
The benchmark All-Share Index (ASI) rose 0.12%, closing at 197,196.97 points, up from 196,968.15 points the previous session. This steady increase boosted total market capitalization to N126.58 trillion, translating to a single-day gain of N146.87 billion for shareholders. Analysts noted that the market’s resilience highlights sustained investor confidence despite ongoing economic challenges.
Trading activity saw a remarkable uptick, with total volume increasing 30.09% to 762.53 million shares across 86,488 deals. FTG Insurance was the most traded stock by volume, accounting for roughly 16.71% of total shares traded, while Aradel Holdings dominated in value, with N5.07 billion worth of shares changing hands, representing 16.24% of the day’s turnover. Other popular picks included Access Corporation and Zenith Bank.
Despite the positive movement in the ASI, market breadth closed negative, with 43 decliners against 26 gainers. However, heavyweight stocks such as Conoil and NGX Group recorded double-digit growth, with NGX Group reaching a 52-week high of N166.00. Oando and Eterna also posted impressive gains, rising nearly 10%, reflecting targeted buying in high-performing mid- and large-cap stocks.
Market experts attribute Monday’s rally primarily to technical positioning and portfolio rebalancing by institutional investors, rather than fresh financial disclosures. With Legend Internet and Premium Paints also hitting new 52-week highs alongside NGX Group, analysts predict continued market optimism and volatility throughout the week, offering investors both opportunities and cautionary signals.
source: punch