Customs Street Rebounds by 0.35% as Investors Rush Nigerian Stocks

By Dipo Olowookere

A 0.35 per cent growth was recorded by Customs Street on Tuesday, reversing the loss recorded in the preceding session as appetite for Nigerian stocks surged.

Renewed interest in financial and energy equities influenced the appreciation posted by the Nigerian Exchange (NGX) Limited during the session.

Data obtained from the bourse showed that the consumer goods and industrial goods sectors went down by 0.80 per cent and 0.35 per cent, respectively, as the banking index grew by 1.70 per cent, the energy counter expanded by 1.07 per cent, and the insurance space increased by 0.15 per cent.

At the close of business, the All-Share Index (ASI) grew by 345.69 points to 98,225.63 points from 97,879.94 points, and the market capitalisation moved up by 0.27 per cent or N149 billion to N55.553 trillion from N55.404 trillion.

Unlike the preceding session, the level of activity improved yesterday, with the trading volume, value, and the number of deals rising by 99.21 per cent, 192.16 per cent, and 7.30 per cent, respectively.

This was because traders transacted 552.2 million equities valued at N15.9 billion in 9,350 deals versus the 277.2 million equities worth N5.1 billion traded in 8,714 deals a day earlier.

GTCO was the busiest stock for the session after selling 245.5 million units for N8.0 billion, FBN Holdings transacted 45.5 million units worth N1.1 billion, Access Holdings traded 42.9 million units valued at N728.0 million, Transcorp exchanged 36.1 million units valued at N502.4 million, and UBA sold 22.4 million units for N537.7 million.

Business Post reports that investor sentiment remained bullish on Tuesday after the bourse ended with 28 price gainers and 18 price losers, indicating a positive market breadth index.

The quartet of Learn Africa, UAC Nigeria, NAHCO, and CAP appreciated by 10.00 per cent each to settle at N3.30, N14.85, N36.30, and N28.60, respectively, while Conoil rose by 9.96 per cent to N99.95.

On the flip side, Dangote Sugar lost 9.95 per cent to trade at N38.90, CWG depreciated by 9.82 per cent to N5.05, Vitafoam fell by 9.81 per cent to N17.00, Honeywell Flour shrank by 9.74 per cent to N3.15, and University Press declined by 9.60 per cent to N2.26.