Customs Street Sinks Deeper by 0.66% as Sell-offs Persist

By Dipo Olowookere

For another trading session, the Nigerian Exchange (NGX) Limited ended on a negative note with a 0.66 per cent loss on Tuesday.

This decline was influenced by persistent selling pressure in large and mid-cap equities listed on Customs Street.

Data from the bourse showed that Cadbury Nigeria finished as the worst-performing stock with a 9.89 per cent fall to close at N16.40.

Academy Press depreciated by 9.87 per cent to N2.83, Royal Exchange shed 9.72 per cent to trade at 65 Kobo, Aradel Holdings shrank by 8.33 per cent to N550.10, and Sovereign Trust Insurance went down by 8.06 per cent to 57 Kobo.

On the flip side, Northern Nigerian Flour Mills ended the session as the best-performing stock after it appreciated by 10.00 per cent to settle at N37.40, Eunisell grew by 9.87 per cent to N4.23, The Initiates expanded by 9.81 per cent to N2.35, Livestock Feeds rose by 7.73 per cent to N4.04, and CWG increased by 4.96 per cent to N6.35.

Business Post reports that the insurance sector gained 0.18 per cent yesterday and the energy counter improved by 0.03 per cent.

However, the banking index depreciated by 1.46 per cent, the industrial goods space declined by 0.33 per cent, and the consumer goods marginally crumbled by 0.01 per cent.

As a result, the All-Share Index (ASI) retreated by 650.83 points to settle at 98,058.07 points compared with Monday’s 98,708.90 points, and the market capitalisation decreased by N394 billion to quote at N59.418 trillion, in contrast to the preceding day’s N59.812 trillion.

It was observed that the market was busy on Tuesday as the trading volume, value and number of deals increased by 13.05 per cent, 93.48 per cent, and 1.38 per cent, respectively.

The market participants bought and sold 399.3 million equities valued at N8.9 billion in 9,547 deals during the trading day versus the 353.2 million equities worth N4.6 billion transacted in 9,417 deals a day earlier.

At the close of business, UBA traded 90.4 million shares worth N2.6 billion, Chams exchanged 80.6 million stocks valued at N162.0 million, Transcorp transacted 31.7 million equities for N1.6 billion, Zenith Bank sold 22.9 million shares valued at N892.2 million, and Access Holdings traded 15.7 million equities worth N346.3 million.