Early trading from September 10 has seen about 41.7 million Aradel Holdings shares exchange hands in a deal worth about N22 billion. The stock has advanced by 3.68 percent, moving from an opening price of N511 to N530.
Although the source of the trade is unknown, it is linked to a significant shareholder. Africa Capital Alliance CAPE IV holds the largest shareholding in Aradel Holdings with a 15.92 percent stake. However, the surge in the share price after today’s deal is reflective of the fact that there is a significant BUY pressure on the stock.
This is a developing story…