Customs Street Gives up N284bn to Panic Selling by Stock Investors

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited tumbled by 0.44 per cent on Tuesday amid panic sell-offs by investors due to weak sentiment.

The profit-taking was across the key market segments except the energy space, which closed higher by 1.06 per cent as a result of bargain-hunting activities, especially in Oando.

The industrial goods index shrank by 1.72 per cent, the banking counter depreciated by 1.21 per cent, the consumer goods sector retreated by 0.26 per cent, and the insurance industry fell by 0.03 per cent.

Consequently, the market capitalisation of the NGX crumbled by N284 billion to close at N64.156 trillion compared with Monday’s N64.440 trillion, and the All-Share Index (ASI) declined by 460.20 points to settle at 103,958.75 points versus the preceding day’s 104,418.95 points.

Business Post reports that there were 30 appreciating equities and 32 depreciating equities at the close of transactions yesterday, representing a negative market breadth index and weak investor sentiment.

SCOA Nigeria topped the gainers’ log after it chalked up 10.00 per cent to trade at N4.07, Okomu Oil also improved its value by 10.00 per cent to N488.40, as Eunisell soared by 10.00 per cent to N12.54, while SFS REIT rose by 9.97 per cent to N197.35, and NEM Insurance grew by 9.96 per cent to N13.25.

Conversely, MRS Oil lost 9.95 per cent to quote at N162.90, Red Star Express declined by 9.90 per cent to N4.55, Learn Africa moderated by 9.82 per cent to N4.50, DAAR Communications slumped by 8.33 per cent to 77 Kobo, and Veritas Kapital slipped by 7.74 per cent to N1.43.

During the session, the market participants bought and sold 542.2 million shares worth N13.6 billion in 15,561 deals compared with the 518.3 million shares worth N13.3 billion traded in 17,196 deals a day earlier, indicating a decline in the number of deals by 9.51 per cent, and an increase in the trading volume and value by 4.61 per cent and 2.26 per cent, respectively.

Sitting on top of the activity chart was Access Holdings with 44.0 million stocks valued at N1.2 billion, Sterling Holdings transacted 42.2 million equities worth N254.3 million, Zenith Bank traded 33.8 million shares for N1.7 billion, UBA exchanged 29.2 million stocks worth N1.1 billion, and FCMB sold 26.1 million shares for N313.1 million.