The Nigerian stock market started the week on a bullish note, with the listing of Aradel Holdings stocks contributing N3.42 trillion to the Nigerian Exchange Ltd.
(NGX) market capitalisation.
The News Agency of Nigeria (NAN) reports that Aradel Holdings officially listed its shares by introduction on the Main Board of the NGX at N702.69 per share on Monday.
The oil and gas company offered 4.34 billion ordinary shares, each with a nominal value of 50k, at N702.69 per share, resulting in a market capitalisation of N3.06 trillion.
The listing details were released by Chapel Hill Denham, the advisory firm managing Aradel’s listing on the NGX.
The listing followed the company’s recent announcement that it had signed a Sale and Purchase Agreement with global energy giant TotalEnergies and the Nigerian National Petroleum Company (NNPC).
This is to acquire a 100 per cent interest in the Olo and Olo West marginal fields, located onshore in Nigeria.
Accordingly, the NGX market capitalisation which opened at N56.088 trillion, gained N3.422 trillion to close at N59.510 trillion.
The All-Share Index also rose by 0.62 per cent or 609 points to close at 98,215.13, against 97,606.63 recorded on Friday.
As a result, the Year-To-Date (YTD) return increased by 31.35 per cent.
Gains in Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, as well as Dangote Sugar, Oando, among other advanced equities also pulled the market performance up.
However, market breadth closed negative with 31 losers and 22 gainers on the floor of the Exchange.
Vitafoam led the losers’ chart by 9.09 per cent to close at N20, Tantalizers trailed by 8.33 per cent to close at 55k per share.
International Energy Insurance lost 6.37 per cent to close at N1.47, Secure Electronic Technology Plc dropped 6.15 per cent to close at 61k, while Guinea Insurance shed 6.12 per cent to close at 46k per share.
On the other side, Wapic led the gainers chart by 10 per cent to close at 88k, Aradel followed by 9.99 per cent to close at N772.90 per share.
The Initiate Plc added 9.74 per cent to close at N2.14, Consolidated Hallmark Plc advanced by 9.35 per cent to close at N1.52, Mecure went up by 8.91 per cent to close at N11 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 251.96 per cent.
Investors traded 304.97 million shares valued at N19.71 billion were exchanged in 8,083 deals, compared with 304.43 million shares valued at N5.60 billion exchanged in 6,950 deals posted in the previous session.
Cutix led the activity chart in volume with 37.93 million shares valued at N95.20 million, followed by Zenith Bank with N34.09 million shares worth N1.28 billion to lead the chart in value.
United Bank For Africa(UBA) sold 33.94 million shares valued at N897.81 million, Chams transacted 18.82 million shares worth N38.22 million.
Aradel traded 18.71 million shares worth N14.46 trillion.(NAN)
