Aradel drives over N540bn gain on NGX as week opens

Nigeria’s equities market kicked off this week on a positive note, rising by 0.85 percent on Monday as investors renewed interest in the stocks of Aradel Holdings Plc.

While Aradel Holdings rallied most by N45.90 or 9.98 percent, from N460 to N505.90; sell pressure dipped MRS Oil the most on Monday from N157.50 to N141.80, losing N15.70 or 9.97 percent.

The NGX Oil & Gas Index rose by 3.02 percent, followed by NGX Consumer Goods Index which increased by 2.20 percent; while NGX Insurance decreased by 1.06 percent, and NGX Banking (-0.02 percent). The stock market’s return year-to-date (YTD) increased to 6.83 percent.

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“In the near term, we expect market participants to exhibit cautious trading amid unclear positive market drivers and profit-taking activities as investors reposition ahead of month-end,” Coronation research analysts said in their May 26 note.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding trading day’s 109,028.62 points and N68.751 trillion respectively to 109,884.92 points and N69.291 trillion.

Actively traded stocks include Fidelity Bank, Custodian Investment, Access Holdings, GTCO, and Zenith Bank. In 19,775 deals, investors exchanged 414,509,617 shares worth N11.094billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.