Investors gain N364.71bn as NGX index rises 0.57%

BY TEMITOPE ADEBAYO

Investors recorded a gain of N364.71 billion as the Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 0.57 per cent, closing at 103,437.67 points.

The positive market sentiment was driven by strong performances from key stocks, with Aradel leading the gainers’ chart, surging 10 per cent after releasing its unaudited FY 2024 financial results.

Other top gainers included Chellaram (+9.98%), Stanbic IBTC (+9.92%), and UPL (+9.64%), contributing to the overall market uptrend. This rally pushed the total market capitalisation to N64.52 trillion.

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Aradel also dominated trading activity, accounting for 41.77 per cent of the total trade value, exchanging 10.64 million units worth N6.27 billion. BUA Foods followed with N1.53 billion in value traded, although its price remained unchanged.

Sectoral performance showed broad-based gains, with the Oil & Gas Index rising 3.34 per cent, while Consumer Goods and Banking indices gained 0.81 per cent and 0.75 per cent, respectively. However, the Insurance Index lagged due to declines in Royal Exchange (-8.08%), Linkage Assurance (-6.45%), AIICO (-1.10%), and Guinea Insurance (-3.61%).

Despite the bullish trend, market breadth closed negative at 0.68x, with a down-to-up volume ratio of 0.49x, indicating a higher intensity of losses compared to gains.