Customs Street Sees 205% Jump in Trading Volume as Appetite for Stocks Rises

By Dipo Olowookere

The volume of trades on the floor of the Nigerian Exchange (NGX) Limited recorded a significant increase on Tuesday on renewed bargain-hunting.

Business Post reports that investors were interested in domestic stocks during the session as they cherry-picked equities trading at relatively cheap prices.

Shares of companies on Customs Street, Lagos, have been trading at low prices in the past months amid fears of uncertainties in the country, especially as Nigeria prepares for the 2023 general elections in February.

But today, the trading volume rose by 204.59 per cent as investors exchanged 420.3 million shares worth N3.6 billion compared with the 138.0 million shares worth N4.3 billion traded on Monday.

Analysis showed that the Information and Communication Technology sector occupied the lion’s share of the trading volume with 263.8 million shares, representing 62.77 per cent of the total trading volume. It was followed by the Financial Services sector with 131.8 million shares, occupying 31.35 per cent; while the Consumer Goods sector was third highest with 6.6 million shares, representing 1.57 per cent.

By volume, CWG was the highest traded stock with 258.8 million of its shares traded in five deals, GTCO was the next with 57.4 million of its shares exchanged in 570 deals, just as Zenith Bank came in third highest with 13.2 million of its shares traded in 337 deals.

Airtel Africa Plc topped the charts by the value of shares traded at N1.4 billion in 37 deals, followed by GTCO at a close N1.1 billion in 570 deals, as Zenith Bank again was third highest traded by value at N268.8 million in 337 deals.

However, at the close of transactions, the All-Share Index fell by 2.16 per cent to 45,366.32 basis points.

A look at the sectorial performance indicated that industrial goods, banking, and insurance indices rose by 1.38 per cent, 0.95 per cent and 0.47 per cent, respectively, while the consumer goods and the oil/gas indices dropped 1.14 per cent and 0.28 per cent, respectively.

The top five gaining stocks were United Capital (9.69 per cent), Regency Alliance Insurance (8.33 per cent), Sovereign Trust Insurance (7.69 per cent), Mutual Benefits Insurance (7.41 per cent) and Honeywell Flour Mills (6.84 per cent).

On the flip side, Airtel Africa, Nigerian Breweries, CWG, Jaiz Bank, and Coronation Insurance all shed weight at the close of business today.