Customs Street Gains 0.40% Despite Weak Investor Sentiment

By Dipo Olowookere

The opening session of the week at the Nigerian Exchange (NGX) Limited ended on a positive note as Customs Street appreciated by 0.40 per cent at the close of transactions on Monday.

The bourse witnessed growth despite weak investor sentiment caused by profit-taking in the insurance and consumer goods sectors, which closed lower by 2.19 per cent and 0.18 per cent, respectively.

However, bargain-hunting in three sectors kept the exchange in the green territory, with the energy space growing by 2.31 per cent, the industrial goods counter expanding by 1.83 per cent, and the banking index appreciating by 0.66 per cent.

At the close of business, the All-Share Index (ASI) moved up by 282.85 points to 70,479.62 points from 70,196.77 points, and the market capitalisation increased by N155 billion to N38.712 trillion from N38.557 trillion.

Business Post reports that the market breadth index was positive yesterday as there were 28 depreciating stocks and 27 appreciating equities led by Thomas Wyatt after it gained 10.00 per cent to close at N4.07.

Chams improved its value by 9.90 per cent to trade at N2.22, GlaxoSmithKline chalked up 9.68 per cent to quote at N13.60, Oando increased its stock price by 9.66 per cent to N9.65, and Japaul gained 9.45 per cent to finish at N1.39.

Conversely, ABC Transport lost 9.30 per cent to end at 78 Kobo, Cornerstone Insurance shed 9.27 per cent to sell for N1.37, Champion Breweries depreciated by 9.19 per cent to close at N3.36, International Breweries slumped by 8.79 per cent to settle at N4.15, and DAAR Communications lost 8.70 per cent to trade at 21 Kobo.

At the market on Monday, investors transacted 391.0 million shares valued at N7.7 billion in 6,837 deals versus the 410.4 million shares worth N9.2 billion traded in 6,436 deals last Friday, indicating an increase in the number of deals by 6.23 per cent, and a decline in the trading volume and value by 4.73 per cent and 16.30 per cent apiece.

The most active stock for the trading session was UBA with a turnover of 105.6 million units valued at N2.1 billion, FBN Holdings traded 33.3 million units worth N602.5 million, Japaul exchanged 21.4 million units for N29.6 million, Fidelity Bank transacted 20.4 million units worth N176.0 million, and Access Holdings sold 19.5 million units for N335.7 million.