Aradel, Stanbic, Others Lift Stock Exchange by 0.57% Amid Weak Sentiment

It was observed that buying interest in some mid and large-cap equities helped Customs Street depose the bears at the close of business at midweek.

When the closing gong was struck by 2:30 pm yesterday, the All-Share Index (ASI) was up by 590.99 points to 104,549.74 points from 103,958.75 points and the market capitalisation increased by N365 billion to N64.521 trillion from N64.156 trillion.

During the trading day, the insurance sector experienced profit-taking, causing its index to weaken by 1.65 per cent at the close of transactions.

However, the energy space appreciated by 3.34 per cent, the consumer goods counter rose by 0.81 per cent, the banking industry expanded by 0.75 per cent, and the industrial goods sector leapt by 0.01 per cent.

Aradel Holdings gained 10.00 per cent to finish at N594.00, Chellaram improved by 9.98 per cent to N5.40, Stanbic IBTC rose by 9.92 per cent to N71.45, University Press soared by 9.64 per cent to N5.12, and DAAR Communications grew by 9.09 per cent to 84 Kobo.

On the side, McNichols fell by 10.00 per cent to N1.44, Caverton also tumbled by 10.00 per cent to trade at N2.07, Thomas Wyatt depreciated by 9.80 per cent to N1.84, Veritas Kapital lost 9.79 per cent to settle at N1.29, and Consolidated Hallmark shed 9.00 per cent to N2.73.

Yesterday, the bourse finished with 26 price gainers and 38 price losers, indicating a negative market breadth index.

The volume of transactions at midweek went down, according to data, by 22.24 per cent, while the value of trades and the number of deals increased by 10.29 per cent and 4.47 per cent, respectively.

This was because investors bought and sold 421.6 million equities valued at N15.0 billion in 16,256 deals yesterday versus the 542.2 million equities worth N13.6 billion transacted in 15,561 deals on Tuesday.

Universal Insurance traded 33.6 million shares worth N21.7 million to lead the activity log, Fidelity Bank sold 31.9 million stocks for N621.8 million, FCMB transacted 23.1 million equities valued at N269.5 million, Japaul exchanged 20.2 million stocks worth N43.4 million, and Veritas Kapital traded 17.1 million equities valued at N22.1 million.