Banking, Energy Stocks Drive Customs Street’s 0.31% Rebound

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited recorded its first gain in five straight trading sessions on Thursday with a rebound of 0.31 per cent, mainly driven by buying interest in banking, energy, and consumer goods stocks.

Customs Street had been in the bears’ territory since last Friday due to weak investors, triggered by profit-taking despite encouraging economic data and positive half-year results by GTCO, Zenith Bank, Stanbic IBTC and others.

Data from the bourse showed that there pockets of profit-taking, especially in the insurance counter as its index went down by 0.41 per cent.

This was offset by the banking space, which gained 1.02 per cent, the energy sector, which appreciated by 0.74 per cent, and the consumer goods industry, which rose by 0.31 per cent. The commodity and the industrial goods sectors were flat yesterday.

At the close of business, the All-Share Index (ASI) moved up by 441.39 points to 141,157.49 points from 140,716.10 points and the market capitalisation increased by N279 billion to N89.343 trillion from N89.064 trillion.

Business Post reports that there were 34 appreciating equities and 22 depreciating equities during the session, indicating a positive market breadth index and strong investor sentiment.

Mecure topped the gainers’ chart after chalking up 9.89 per cent to trade at N26.10, Oando improved by 9.50 per cent to N49.00, McNichols appreciated by 9.31 per cent to N3.64, Chams jumped by 9.24 per cent to N3.43, and Legend Internet soared by 9.18 per cent to N5.35.

On the flip side, Eterna led the losers’ log after it gave up 10.00 per cent to sell for N27.90, Sovereign Trust Insurance depleted by 4.84 per cent to N2.95, The Initiates weakened by 3.84 per cent to N12.02, Caverton slipped by 3.76 per cent to N6.40, and Fidson lost 3.72 per cent to finish at N41.40.

The  NGX recorded a significant spike in trading activity on Thursday, with Unity Bank selling 4.0 billion shares worth NN12.7 billion to lead the activity chart.

Aradel Holdings transacted 693.3 million stocks valued at N388.2 billion, Consolidated Hallmark exchanged 333.2 million equities for N1.3 billion, Sterling Holdings sold 104.9 million shares worth N771.8 million, and Zenith Bank traded 45.5 million stocks valued at N3.1 billion.

When the market closed for the session, the turnover stood at 5.5 billion equities worth N419.7 billion executed in 20,399 deals versus the 442.6 million equities valued at N17.0 billion traded in 21,684 deals a day earlier, showing a surge in the trading volume, and value by 1,142.66 per cent, 2,368.82 per cent, respectively, and a decline in the number of deals by 5.92 per cent.