Buying interest in Aradel Holdings Plc and 33 other stocks pushed the Nigerian Exchange Limited higher on Tuesday, adding N651.78 billion to the total market value of listed companies.
The market capitalisation rose from N157.747 trillion at the previous close to N158.399 trillion, reflecting the strong buying activity recorded during the session.
Aradel Holdings was among the major stocks supporting the market’s positive performance, with its share price gaining 9.62 per cent to close at N1,550 per share.
The NGX All Share Index also advanced to 244,304.51 points, up by 1,005.27 points or 0.41 per cent from 243,299.24 points recorded at the previous session. Month to date performance remained flat, while year to date returns stood at 56.9 per cent.
Performance across the major sectors was mixed. The NGX Oil and Gas Index gained 3.8 per cent, while the Consumer Goods Index rose 1.1 per cent and the Banking Index added 0.1 per cent.
On the other hand, the Industrial Goods Index declined by 0.6 per cent, while the Insurance Index shed 0.2 per cent.
Market breadth remained positive, with 34 stocks recording gains compared with 26 decliners, giving a positive breadth ratio of 1.3 times.
NGX Group Plc led the gainers, rising 9.95 per cent to close at N179 per share after adding N16.20. Aradel Holdings followed with a 9.50 per cent gain, while Sovereign Insurance Plc also advanced by 9.50 per cent to close at N1.96 per share.
On the declining side, ETI fell by 10 per cent, while Transnational Express Plc dropped 9.93 per cent to close at N2.45 per share. AVA Capital Plc also declined by 9.90 per cent to close at N4.55 per share.
Trading activity strengthened during the session, with total volume rising 17.8 per cent to 505.12 million shares. The transactions were valued at N36.29 billion and executed through 71,635 deals.
Mutual Benefits Assurance Plc recorded the highest trading volume at 37.48 million shares, while Aradel Holdings led by value, with transactions worth N6.35 billion.
Looking ahead, Cowry Asset Management Limited said investors could adopt a cautious approach as interests remain mixed across the various sector indices following the commencement of the Dangote Refinery initial public offering.
