Customs Street Returns to Green Territory After 0.12% Growth

By Dipo Olowookere

Renewed bargain-hunting by investors revived the Nigerian Exchange (NGX) Limited on Tuesday by 0.12 per cent, with the All-Share Index (ASI) 116.13 points to close at 95,895.92 points compared with the preceding day’s 95,779.79 points.

Business Post reports that the value of Customs Street went up by N65 billion at the close of transactions to N54.448 trillion from N54.383 trillion amid demand for local equities.

Analysis of the market data indicated that the banking space appreciated by 0.44 per cent, the energy counter gained 0.43 per cent, the insurance index rose by 0.23 per cent, and the industrial goods counter improved by 0.02 per cent, while the consumer goods sector closed lower by 0.08 per cent.

However, the bourse printed more price losers than gainers at a ratio of 24 to 19, respectively, indicating a negative market breadth index and weak investor sentiment.

Learn Africa appreciated by 9.94 per cent to N3.87, Oando jumped by 9.90 per cent to N43.30, Cutix increased by 9.85 per cent to N2.90, RT Briscoe expanded by 9.63 per cent to N2.05, and University Press grew by 8.57 per cent to N2.66.

On the other side of the coin, Thomas Wyatt lost 9.71 per cent to trade at N1.58, Omatek fell by 6.85 per cent to 68 Kobo, FTN Cocoa depreciated by 6.80 per cent to N1.92, Neimeth shed 5.00 per cent to N1.90, and The Initiates declined by 4.44 per cent to N2.15.

During the trading session, investors bought and sold 1.0 billion shares worth N7.7 billion in 8,295 deals, in contrast to the 3.6 billion shares worth N7.7 billion transacted in 9,291 deals on Monday, implying a decline in the number of deals by 10.72 per cent, and a fall in the volume of trades by 72.22 per cent, as the value of transactions closed flat.

Jaiz Bank sold 651.3 million stocks for N1.5 billion to stay on top of the activity chart yesterday, followed by Sterling Holdings with 53.9 million shares worth N218.4 million. International Breweries exchanged 28.4 million equities valued at N128.0 million, FCMB traded 21.9 million shares worth N166.0 million, and Access Holdings transacted 20.3 million equities valued at N384.1 million.