Losses in PZ Cussons, ABC Transport, Others Sink Customs Street by 0.33%

By Dipo Olowookere

Customs Street further succumbed to the bears on Friday after it closed lower by 0.33 per cent due to sustained profit-taking by investors.

The Nigerian Exchange (NGX) Limited was down during the session despite attempts by the bulls to retake control, as the insurance and the energy indices rose 3.34 per cent and 0.12 per cent, respectively.

However, sell-offs in the other sectors crumbled the market after the banking index shed 0.77 per cent, the industrial goods segment declined by 0.33 per cent, and the consumer goods counter lost 0.09 per cent.

At the close of business, the All-Share Index (ASI) went down by 833.37 points to 248,877.22 points from 249,710.59 points, and the market capitalisation moderated by N541 billion to N161.594 trillion from N162.135 trillion.

PZ Cussons lost 9.94 per cent to trade at N64.80, ABC Transport crashed by 8.06 per cent to N5.70, Africa Prudential depreciated by 6.07 per cent to N10.05, Tantalizers slipped by 5.26 per cent to N3.60, and University Press shrank by 5.15 per cent to N4.60.

Conversely, Champion Breweries grew by 10.00 per cent to N8.80, Coronation Insurance also gained 10.00 per cent to close at N2.20, Honeywell Flour improved by 9.87 per cent to N29.50, Sovereign Trust Insurance jumped by 9.55 per cent to N1.95, and AXA Mansard expanded by 9.26 per cent to N11.80.

The market breadth index was positive during the session, as the bourse closed with 29 price gainers and 23 price losers, representing strong investor sentiment.

On the trading day, investors traded 377.7 million stocks worth N26.9 billion in 32,666 deals compared with the 856.3 million stocks valued at N74.1 billion transacted in 33,540 deals on Thursday, showing a decline in the trading volume, value, and number of deals by 55.89 per cent, 63.70 per cent, and 2.61 per cent, respectively.

GTCO was the busiest equity yesterday, with a turnover of 41.0 million units valued at N4.9 billion. Honeywell Flour exchanged 32.0 million units worth N938.1 million, UBA transacted 26.0 million units for N1.1 billion, Zenith Bank sold 23.4 million units worth N2.8 billion, and Access Holdings traded 22.3 million units valued at N599.7 million.