Bears Resurface on Customs Street, Deplete Investors’ Wealth by 0.02%

By Dipo Olowookere

Investors’ wealth on Customs Street was depleted by 0.02 per cent on Friday after the bears staged a comeback, having been absent for the past trading sessions.

Analysis of data from the Nigerian Exchange (NGX) Limited indicated that the banking segment contracted by 0.69 per cent, and the energy index receded by 0.13 per cent.

The bourse closed lower during the session despite the insurance sector gaining 0.12 per cent and the industrial goods space appreciating by 0.04 per cent, with the consumer goods counter closing flat.

When the closing gong was struck to end trading activities for the day, the All-Share Index (ASI) moderated by 36.60 points to 252,113.41 points from 252,150.01 points, and the market capitalisation decreased by N23 billion to N163.656 trillion from N163.679 trillion.

TotalEnergies lost 10.00 per cent to trade at N518.40, Legend Internet depreciated by 9.09 per cent to N3.50, Haldane McCall slipped by 8.54 per cent to N3.00, Caverton fell by 8.05 per cent to N4.00, and First Holdco gave up 5.09 per cent to close at N156.60.

Conversely, Zichis gained 10.00 per cent to quote at N17.60, CMFC chalked up 9.76 per cent to finish at N3.26, RT Briscoe surged by 9.74 per cent to N10.70, ABC Transport grew by 9.68 per cent to N5.10, and Royal Exchange rose by 9.09 per cent to N1.08.

Business Post reports that despite the loss, investor sentiment remained bullish, with 39 price gainers and 27 price losers, indicating a positive market breadth index.

On Friday, market participants traded 708.9 million shares worth N58.3 billion in 42,496 deals compared with the 978.3 million shares sold for N50.2 billion in 48,558 deals a day earlier. This showed that the trading volume moderated by 27.54 per cent, the trading value increased by 16.34 per cent, and the number of deals eased by 12.48 per cent.

Fidelity Bank maintained its position as the most active stock for the trading day, with a turnover of 212.8 million units valued at N4.5 billion. Access Holdings transacted 72.6 million units worth N2.3 billion, Transcorp exchanged 65.7 million units for N2.4 billion, Chams sold 33.3 million units worth N109.5 million, and UBA traded 23.1 million units valued at N1.1 billion.