The Nigerian stock market yesterday closed on a positive note with a gain of N309 billion on renewed investors’ appetite in Aradel Holdings and 25 others.
The All Share Index (ASI) gained by 489.45 points, representing a growth of 0.35 per cent to close at 142,036.23 points. Also, market capitalisation rose by N309 billion to close at N89.865 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Aradel Holdings, Guinness Nigeria, Dangote Cement, First Holdco and Chellarams.
Market sentiment was subdued, reflected by a negative breadth with 26 stocks advancing against 32 decliners. Chellarams recorded the highest price gain of 9.77 per cent to close at N14.60, per share. Austin Laz & Company followed with a gain of 9.67 per cent to close at N2.95, while The Initiates Plc (TIP) rose by 8.08 per cent to close at N12.97 kobo.
Sovereign Trust Insurance grew by 7.37 per cent to close at N3.06, while Aradel Holdings rose by 6.97 per cent to close at N583.
On the other hand, Guinea Insurance led the losers’ chart by 9.70 per cent to close at N1.49, per share. Cornerstone Insurance followed with a decline of 8.68 per cent to close at N6.52, while Legend Internet declined by 7.27 per cent to close at N5.10 kobo.
Deap Capital Management & Trust depreciated by 7.06 per cent to close at N1.58 kobo while Thomas Wyatt Nigeria declined by 6.49 per cent to close at N2.45 kobo.
Sectoral performance showed a varied pattern as the oil and has index led the gains, rising by 2.6 per cent. The consumer goods sector also recorded a positive movement, increasing by 1.0 percent, while the industrial goods index inched up slightly by 0.1 per cent.
In contrast, the insurance sector experienced a decline of 1.6 percent, and the banking index fell marginally by 0.2 per cent.
Also, the total volume advanced by 142.09 per cent to 1.005 billion units, valued at N24.655 billion, and exchanged in 23,281 deals. Transactions in the shares of Abbey Mortgage Bank topped the activity chart with 401.065 million shares valued at N2.727 billion.
Fidelity Bank followed with 254.810 million shares worth N5.274 billion, while United Bank for Africa (UBA) traded 23.221 million shares valued at N1.095 billion.
First Holdco traded 22.529 million shares valued at N699.63 million, while Access Holdings sold 17.476 million shares worth N473.992 million.
