NGX Group and Aradel Holdings Drive N575bn Market Surge

On September 16, the Nigerian Exchange (NGX) maintained its positive momentum, with market capitalization rising by N575.25 billion, closing at N158.32 trillion. The All-Share Index (ASI) increased by 887.23 points to finish at 244,186.47.

The Oil & Gas sector was the primary driver of gains, with notable interest in Aradel Holdings. NGX Group led the gainers with a 9.95% rise, followed closely by Aradel Holdings at 9.62%.

Other significant gainers included Sovereign Trust Insurance (9.50%), McNichols (9.09%), International Breweries (8.50%), and WAPIC (7.69%). Trading activity saw total volume and transaction value increase by 17.75% and 76.84%, respectively, with 505.12 million shares valued at N36.29 billion traded in 71,635 deals.

MBENEFIT topped the volume chart, while Aradel Holdings dominated the value chart, accounting for 17.12% of total transaction value. Despite 28 stocks declining, market breadth remained positive with 33 gainers against 26 losers.