Customs Street Rallies 0.20% as Sovereign Trust Insurance Leads Gainers’ Chart

By Dipo Olowookere

The positive momentum witnessed on Customs Street continued on Wednesday, with further gains of 0.20 per cent, influenced by the dominance of the bulls.

Analysis of data from the Nigerian Exchange (NGX) Limited indicated that the insurance sector gained 1.56 per cent at midweek despite the energy counter losing 0.04 per cent to profit-taking. The Consumer goods index appreciated by 0.81 per cent, and the banking space rose by 0.20 per cent, while the industrial goods segment closed flat.

At the close of business, the All-Share Index (ASI) soared by 487.28 points to 244,791.79 points from 244,304.51 points, and the market capitalisation climbed by N316 billion to N158.715 trillion from N158.399 trillion.

The market breadth index was positive yesterday after the stock exchange finished with 34 appreciating equities and 26 depreciating equities, indicating strong investor sentiment.

Sovereign Trust Insurance led the gainers’ chart after it gained 9.69 per cent to trade at N2.15, Champion Breweries grew by 9.50 per cent to N10.95, Livestock Feeds improved by 9.42 per cent to N7.55, Learn Africa jumped by 9.09 per cent to N8.40, and Mutual Benefits increased by 8.93 per cent to N3.05.

On the flip side, IMG led the losers’ log after it shed 9.93 per cent to close at N27.65, John Holt depreciated by 9.88 per cent to N7.30, LivingTrust Mortgage Bank slipped by 9.84 per cent to N2.84, Fidson shrank by 9.19 per cent to N72.65, and Royal Exchange dipped by 9.00 per cent to 91 Kobo.

During the session, market participants traded 662.4 million stocks worth N37.5 billion in 63,271 deals compared with the 521.2 million stocks valued at N37.3 billion traded in 71,635 deals a day earlier. This implied a growth in the trading volume and value by 27.09 per cent and 0.54 per cent, respectively, and a fall in the number of deals by 11.68 per cent.

Sterling Holdings led the activity log, with the sale of 142.0 million equities for N1.1 billion, AIICO Insurance exchanged 73.6 million shares worth N274.4 million, Fidelity Bank traded 43.3 million stocks valued at N873.4 million, GTCO transacted 40.6 million equities for N5.3 billion, and Zenith Bank traded 34.9 million shares worth N4.5 billion.