Customs Street Falls by 0.18% as Investors Book Profit

By Dipo Olowookere

The positive momentum seen at the Nigerian Exchange (NGX) Limited in recent times came to an end on Thursday after investors embarked on a profit-taking spree.

This brought down Customs Street by 0.18 per cent at the close of transactions, with the banking and energy sectors retreating by 1.16 per cent and 0.33 per cent, respectively.

However, the consumer goods index went up by 0.39 per cent, the insurance space expanded by 0.26 per cent, and the industrial goods counter gained 0.21 per cent.

But when the bourse finished for the session, the All-Share Index (ASI) contracted by 177.38 points to 98,050.12 points from 98,227.50 points and the market capitalisation declined by N108 billion to N59.426 trillion from the preceding day’s N59.534 trillion.

Business Post observed that despite the loss, investor sentiment remained strong as the NGX ended the day with 35 price gainers and 24 price losers, implying a positive market breadth index.

Austin Laz gained 10.00 per cent to trade at N2.42, Eunisell improved by 9.98 per cent to N17.52, Haldane McCall appreciated by 9.95 per cent to N4.64, Honeywell Flour rose by 9.93 per cent to N4.98, and Sunu Assurances advanced by 9.93 per cent to N2.99.

Conversely, Coronation Insurance fell by 9.82 per cent to N1.01, University Press crumbled by 9.09 per cent to N3.50, Sovereign Trust Insurance slumped by 8.96 per cent to 61 Kobo, Universal Insurance lost 8.82 per cent quote at 31 Kobo, and Japaul shed 8.26 per cent to finish at N2.11.

On Thursday, FBN Holdings topped the activity chart after it transacted 51.1 million shares for N1.4 billion, Tantalizers traded 48.8 million stocks worth N52.5 million, Lafarge Africa sold 39.7 million equities valued at N2.3 billion, Fidelity Bank traded 26.6 million shares worth N430.0 million, and Zenith Bank exchanged 22.3 million equities valued at N997.7 million.

At the close of trades, investors bought and sold 456.8 million stocks for N9.2 billion in 10,495 deals versus the 370.5 million stocks worth N8.5 billion traded in 10,026 deals on Wednesday, indicating a surge in the trading volume, value and number of deals by 23.29 per cent, 8.24 per cent, and 4.68 per cent, respectively.