Bulls Tighten Control of Customs Street With 0.56% Progression

By Dipo Olowookere

The bulls consolidated their control of the Nigerian Exchange (NGX) Limited with a further gain of 0.56 per cent on Wednesday amid renewed confidence in local equities.

The improvement recorded by Customs Street at midweek was strengthened by bargain-hunting in the financial services sector of the stock exchange.

Data showed that the banking index appreciated by 1.06 per cent, the insurance counter grew by 0.59 per cent, and the energy sector jumped by 0.35 per cent.

Business Post, however, observed profit-taking in the consumer goods and industrial goods sectors, which led to a respective decline of 1.06 per cent and 0.07 per cent at the close of transactions.

The All-Share Index (ASI) finished higher by 545.28 points to 98,230.92 points from 97,685.64 points and the market capitalisation expanded by N314 billion to N56.447 trillion from the preceding day’s N56.133 trillion.

Investor sentiment was strong at the midweek trading session as the market breadth index was positive after closing with 28 price gainers and 26 price losers.

SFS REIT topped the advancers’ group after chalking up 9.99 per cent to trade at N179.45, Honeywell Flour grew by 9.96 per cent to N5.41, Meyer rose by 9.95 per cent to N6.41, Academy Press increased by 9.89 per cent to N2.89, and Caverton gained 9.68 per cent to quote at N3.06.

Conversely, Northern Nigerian Flour Mills topped the laggards’ band after it lost 10.00 per cent to settle at N39.15, Berger Paints depreciated by 9.81 per cent to N21.60, Deap Capital shed 9.68 per cent to finish at 84 Kobo, Livestock Feeds shrank by 9.09 per cent to N2.40, and Omatek crumbled by 7.14 per cent to 65 Kobo.

Japaul ended the day as the busiest stock after investors exchanged 64.0 million units for N166.9 million, FBN Holdings transacted 26.7 million units valued at N840.7 million, UBA traded 25.7 million units worth N618.2 million, UPDC sold 18.2 million units for N37.3 million, and Transcorp traded 17.8 million units valued at N191.6 million.

When trading activities ended for the session, a total of 361.3 million shares valued at N7.6 billion exchanged hands in 9,627 deals compared with the 471.3 million shares worth N9.4 billion traded in 12,066 deals on Tuesday, indicating a decline in the trading volume, value and number of deals by 23.34 per cent, 19.15 per cent, and 20.21 per cent, respectively.