After the listing of Aradel Holdings on the NGX on Monday, October 15, oil and gas stocks have been leading a rally in the market.
On its first day of listing, Aradel Holdings appreciated by 10 percent to close at N772.90. As of 1.30 pm the next day, the stock had appreciated by 6.0 percent to hit a share price of N820, making it the fourth most expensive share on the NGX, behind Seplat, Airtel Africa, and Nestle Nigeria.
Read also: Aradel Holdings listing boosts NGX market capitalisation by N3.05trn
Away from Aradel, other oil and gas stocks have also caught the bullish fever, with Oando Plc and Eterna Plc being among the top gainers on the day. Oando had appreciated by 4.45 percent to hit N75.10, while Eterna Plc appreciated by 4.86 percent to hit a share price of N25.90.
Stocks like Seplat did not record any price changes, although it was the second most traded stock in terms of value, as N1.15 billion of the stock were already traded at the time. N18 billion worth of Aradel was traed, and N553 million worth of Oando was traded at the time.
As of 1.30pm, the market was on a positive run due to the weight of stocks that were posting gains, however, the market breadth was negative as about 25 stocks were posting losses, against 17 which posted gains.
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