Customs Street Bounces Back by 0.70% on Fresh Bargain-Hunting

By Dipo Olowookere

Bargain-hunting activities by traders brought back the Nigerian Exchange (NGX) Limited to the green territory on Thursday after it posted its first loss of 2024 on Wednesday.

Renewed interest in local equities ensured that all the key sectors of the market closed higher during the trading session, with the banking space expanding by 2.73.

Business Post reports that at the close of transactions at Customs Street yesterday, the insurance index rose by 0.51 per cent, the consumer goods sector appreciated by 0.39 per cent, the energy counter improved by 0.37 per cent, and the industrial goods space gained 0.22 per cent.

Consequently, the All-Share Index (ASI) jumped by 572.66 points to 82,597.04 points from 82,024.38 points and the market capitalisation grew by N314 billion to N45.199 trillion from N44.885 trillion.

The previous trading session was marred by profit-taking but yesterday saw the return of traders, causing the market breadth index to finish positive. This was because 48 shares ended on the gainers’ chart and 20 shares finished on the losers’ log, indicating a bullish investor sentiment.

Guinea Insurance and Royal Exchange chalked up 10.00 per cent each to trade at 44 Kobo, and 99 Kobo apiece, as Julius Berger rose by 9.92 per cent to N56.50, Cadbury Nigeria soared by 9.77 per cent to N21.90, and The Initiates gained 9.74 per cent to sell for N1.69.

On the other side of the coin, Abbey Mortgage Bank and Ikeja Hotel shed 9.90 per cent each to close at N2.73 and N7.83, respectively, as Caverton lost 9.66 per cent to settle at N1.87, DAAR Communications weakened by 9.38 per cent to 87 Kobo, and NPF Microfinance Bank declined by 7.91 per cent to N1.98.

The level of activity waned on Thursday as the trading volume, value, and the number of deals receded by 46.55 per cent, 43.31 per cent, and 26.23 per cent, respectively.

A total of 877.3 million equities valued at N14.4 billion were traded in 14,919 deals during the session compared with the 1.6 billion equities worth N25.4 billion traded in 20,223 deals on Wednesday.

Transcorp closed the day as the most active stock after transacting 74.5 million units worth N935.4 million, Sterling Holdings traded 54.3 million units valued at N341.6 million, Access Holdings exchanged 54.1 million units for N1.5 billion, AIICO Insurance sold 53.9 million units valued at N72.0 million, and UBA traded 52.3 million units worth N1.6 billion.