Trading activities on the floor of the Nigerian Exchange Group Limited NGX started bullish on Monday as investors gained N3.42 billion on market capitalization.
The bullish outcome is attributed to the listing of Aradel Holdings stocks on the Main board of the NGX at N702.69k per share.
The oil and gas firm offered 4.34 billion ordinary shares with a nominal value of 50 kobo at N702.69k leading to an increase in the market capitalisation of N3.06 trillion.
The listing followed the company’s recent announcements that it had signed a sale and purchase agreement with Total Energies and the Nigerian National Petroleum Company.
At the end of business on the NGX investors recorded a N3.42 billion on market capitalization to close at N59,509 trillion higher than than Friday’s N56,088 trillion.
Similarly, the All-Share Index also inched up by 609 basis points, representing a 0.62 percent increase to close at 98,215.13 points compared to the 97,606.63 points of the previous day.
Consequently, the Year-To-Date return rose by 31.35 percent.
The market sentiment was however negative with 31 decliners and 22 gainers.
Vita foam led the losers list with a 9.09 percent drop on its share price to close at N20.00k. Tantalizer followed with an 8.33 percent loss on its share price to close at N0.55k while; International Energy Insurance lost 6.37 percent to close at N1.47k.
On the gainers table, Wapic led the chart with a 10 percent gain on its share price to close N0.88k. Aradel followed with a 9.99 percent increase on its share price to close at N772.90k then; the Initiate Plc gained 9.74 percent on its share price to close at N2.14k.
Monday’s trading session ended with 304.97 million units of shares valued at N19.71 billion that exchanged hands in 8,083 deals.
Cutix had the highest volume of trade with 37.93 million shares valued at N95.20 million followed by Zenith Bank Plc with 34.90 million shares worth N1.28 billion as it topped the chart in value.
Olusola Akintonde
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