Investors’ Wealth at Customs Street Swells by 0.05%

By Dipo Olowookere

A marginal increase of 0.05 per cent was recorded by the Nigerian Exchange (NGX) Limited on Wednesday as attention shifted to the fixed-income market, where the Central Bank of Nigeria (CBN) auctioned treasury bills to investors at the primary market.

Business Post observed that transactions at Customs Street were depressed at midweek, apparently because of the T-bills sales as traders pumped funds into the low-risk asset class at the fixed-income space.

The growth posted by the equity market was largely driven by significant interest in banking stocks, which left its index closing higher by 2.41 per cent.

The consumer goods counter appreciated by 0.31 per cent, and the industrial goods space improved by 0.05 per cent, while the insurance sector depreciated by 0.42 per cent, with the energy counter closing flat.

At the close of business, the All-Share Index (ASI) grew by 51.84 points to 98,944.42 points from 98,892.58 points and the market capitalisation expanded by N31 billion to N59.955 trillion from N59.924 trillion.

The trio of Unilever Nigeria, Eunisell and Oando gained 10,00 per cent each yesterday to settle at N20.90, N3.19, and N89.65, respectively, while McNichols rose by 9.79 per cent to N1.57, with Regency Alliance improving by 9.62 per cent to 57 Kobo.

Conversely, Aradel Holdings lost 9.99 per cent to trade at N562.90, Northern Nigerian Flour Mills depleted by 9.93 per cent to N34.00, Consolidated Hallmark shed 6.12 per cent to close at N1.38, UPDC declined by 5.81 per cent to N1.46, and Ellah Lakes tumbled by 4.31 per cent to N4.00.

When trading activities ended for the session, investor sentiment remained bullish with a positive market breadth index after 31 shares were in green and 16 shares were in red.

Traders bought and sold 283.7 million equities valued at N8.3 billion in 7,966 deals yesterday compared with the 591.0 equities worth N24.9 billion transacted in 6,987 deals a day earlier, indicating an increase in the number of deals by 14.01 per cent, and a decrease in the trading volume and value by 52.00 per cent, and 66.67 per cent apiece.

On top of the activity chart was UBA with the sale of 66.0 million shares for N1.8 billion, Nigerian Breweries traded 37.4 million stocks valued at N1.1 billion, Access Holdings exchanged 17.6 million equities worth N351.9 million, Oando transacted 17.1 million shares for N1.5 billion, and Zenith Bank sold 16.1 million equities worth N617.6 million.