The Nigerian stock market kicked off the week on a positive note, driven by a surge in investor interest for Aradel Holdings Plc and 34 other stocks. Aradel Holdings saw a significant rise of 9.13%, closing at N600.20 per share. As a result, the Nigerian Exchange Limited All-Share Index (NGX ASI) increased by 0.55%, or 544.57 basis points, closing at 99,922.63. The market’s capitalization rose by N330.24 billion to reach N60.572 trillion.
Investor sentiment remained strong, with 35 stocks advancing, while 25 declined. Royall Exchange and Infinity Trust Mortgage Bank were the highest gainers, each increasing by 10%. Other notable gainers included International Breweries, Guinea Insurance, and Caverton Offshore Support Group. Conversely, University Press led the decliners with a 9.81% drop, followed by Haldane McCall and International Energy Insurance with significant losses.
The volume of traded stocks rose by 36.13%, totaling 740.89 million units valued at N16.88 billion across 10,430 deals. Sterling Financial Holdings Company was the most actively traded stock, followed by Wema Bank and e-Tranzact International. Looking ahead, experts expect continued investor interest in undervalued stocks, although high fixed-income interest rates may add some bearish pressure on the equities market.
