Customs Street Loses 0.32% on Weak Investor Sentiment

November 26, 2021
Customs Street Nigerian Stock Exchange

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited on Customs Street, Lagos maintained its downward trajectory on Thursday with a decline of 0.32 per cent triggered by sustained profit-taking and weak investor sentiment.

A total of 24 equities depreciated in value during the trading session while only 14 stocks closed on the gainers’ chart at the close of transactions.

All the major sectors of the exchange but one closed in red yesterday, reflecting the true mood of the market.

The energy space lost 1.64 per cent, the banking counter went down by 1.16 per cent, the consumer goods sector fell by 1.06 per cent, the industrial goods index declined by 0.01 per cent, while the insurance sector grew by 0.64 per cent.

When the market finished for the trading day, the All-Share Index (ASI) was down by 136.25 points to 43,108.77 points from 43,245.02 points, while the market capitalisation depreciated by N71 billion to close at N22.494 trillion compared with the preceding day’s N22.565 trillion.

MRS Oil was the biggest price loser yesterday, losing 9.87 per cent to close at N13.70, trailed by Chams, which lost 8.70 per cent to end at 21 kobo.

Ecobank depreciated by 8.57 per cent to N8.00, Consolidated Hallmark Insurance fell by 8.06 per cent to 57 kobo, while Unity Bank dropped 7.27 per cent to trade at 51 kobo.

On the flip side, Honeywell Flour topped the gainers’ table with a price appreciated of 9.76 per cent to close at N4.05, followed by AIICO Insurance, which grew by 8.47 per cent to sell for 64 kobo.

Regency Assurance appreciated by 8.33 per cent to 39 kobo, University Press improved by 8.00 per cent to N2.70, while Ikeja Hotel also rose by 8.00 per cent to N1.35.

Business Post reports that Honeywell was investors’ bride on Thursday, closing as the most transacted stocks with the sale of 52.5 million units valued at N209.6 million.

GTCO sold 23.0 million stocks worth N578.6 million, Zenith Bank traded 22.9 million equities for N559.0 million, Transcorp exchanged 18.5 million shares for N17.7 million, while Access Bank transacted 13.9 million equities valued at N127.4 million.

At the close of business for the day, investors traded 266.1 million shares worth N4.2 billion in 3,905 deals in contrast to the 243.2 million shares worth N3.8 billion in 3,777 deals traded on Wednesday, indicating that the trading volume rose by 9.43 per cent, the trading value grew by 12.54 per cent, while the number of deals increased by 3.39 per cent.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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