Business News

Customs Street Down 0.12% as Traders Sell-Off NB, Oando, Others

By Dipo Olowookere

It was another of the in the red territory for the Nigerian Exchange (NGX) Limited as the bears consolidated their dominance by sinking the bourse by 0.12 per cent on Thursday.

Profit-taking in Nigerian Breweries, Dangote Cement, Oando and others contributed to the downfall of Customs Street yesterday, with the industrial goods counter losing 0.71 per cent and the consumer goods sector going down by 0.13 per cent.

The cousins weakened the effect of the bargain-hunting in the insurance, energy, and banking sectors despite rising by 3.97 per cent, 1.00 per cent, and 0.99 per cent, respectively.

Consequently, the All-Share Index (ASI) decreased by 67.93 points to 55,956.59 points from 56,024.52 points, as the market capitalisation fell by N37 billion to N30.469 trillion from N30.506 trillion.

Despite the bearish closure, the investor sentiment was very strong as the bourse closed with 41 price gainers and 13 price losers, indicating a positive market breadth.

John Holt topped the losers’ log after shedding 9.68 per cent to N1.40, Caverton lost 7.14 per cent to quote at N1.30, Coronation Insurance depleted by 6.52 per cent to 43 Kobo, GSK depreciated by 5.30 per cent to N7.15, and Stanbic IBTC dwindled by 3.02 per cent to N45.00.

During the session, the top five stocks on the gainers’ chart appreciated by 10.00 per cent each and they were Secure Electronic Technology, Unity Bank, Japaul, eTranzact, and Prestige Assurance, and they closed at 33 Kobo, 66 Kobo, 44 Kobo, N4.84, and 44 Kobo, respectively.

The day’s activity chart showed that the trading volume, value, and the number of deals increased by 33.75 per cent, 18.46 per cent, and 7.98 per cent apiece, as investors transacted 531.8 million equities worth N7.7 billion in 6,061 deals compared with the 397.6 million equities valued at N6.5 billion traded in 5,613 deals on Wednesday.

UBA traded 177.5 million shares worth N1.7 billion to top the activity chart on Thursday, with NPF Microfinance next for selling 51.8 million equities valued at N93.3 million. Access Holdings exchanged 32.1 million stocks valued at N413.0 million, Zenith Bank transacted 30.8 million stocks worth N863.3 million, and Dangote Sugar sold 19.3 million shares for N408.0 million.

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