Customs Street Rebounds by 0.22% on Renewed Bargain-Hunting

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited returned to winning ways on Wednesday after spending a day in the red territory due to profit-taking.

Yesterday, Customs Street appreciated by 0.22 per cent on the back of bargain-hunting by investors amid renewed interest in banking equities.

Apart from the insurance index, which closed lower by 0.58 per cent, every other sector closed higher at midweek, according to data obtained by Business Post.

The banking counter improved by 1.38 per cent, the consumer goods space jumped by 0.38 per cent, and the industrial goods sector gained 0.01 per cent, while the energy space closed flat.

Consequently, the All-Share Index (ASI) increased by 217.05 points to 97,477.80 points from 97,260.75 points and the market capitalisation expanded by N132 billion to settle at N59.067 trillion compared with the previous day’s N58.935 trillion.

Investor sentiment was bullish on Wednesday as the bourse recorded 30 appreciating stocks and 19 depreciating stocks, representing a positive market breadth index.

International Energy Insurance was the biggest price gainer after its price went up by 10.00 per cent to N1.32, John Holt gained 9.98 per cent to trade at N6.39, Eunisell rose by 9.88 per cent to N10.90, Thomas Wyatt appreciated by 9.71 per cent to N1.92, and University Press grew by 9.09 per cent to N3.60.

The heaviest price loser was Regency Assurance, which fell by 10.00 per cent to quote at 45 Kobo, DAAR Communications declined by 7.46 per cent to 62 Kobo, Sovereign Trust Insurance weakened by 6.35 per cent to 59 Kobo, NEM Insurance tumbled by 5.88 per cent to N8.00, and Universal Insurance plunged by 5.88 per cent to 32 Kobo.

The activity level was low yesterday as the trading volume, value and number of deals depreciated by 27.52 per cent, 16.67 per cent, and 17.52 per cent apiece.

A total of 247.0 million equities valued at N7.5 billion exchanged hands in 8,305 deals during the session versus the 340.8 million equities worth N9.0 billion transacted in 10,069 deals in the preceding session.

Access Holdings was the busiest stock on Wednesday with 40.0 million units sold for N979.6 million, UBA traded 23.7 million units worth N761.2 million, Fidelity Bank exchanged 21.3 million units valued at N312.6 million, United Capital transacted 16.3 million units worth N264.4 million, and GTCO traded 14.7 million units valued at N794.5 million.