Custodian Investment, 22 Others Pull Down Stock Market by 0.25%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited plunged by 0.25 per cent on Wednesday after investors decided to sell off some shares that have appreciated in the past few trading sessions.

It was a fierce battle between the bears and the bulls on the floor of Customs Street at midweek, with both sharing the spoils after deciding to live to fight another day.

Data obtained by Business Post showed that investor sentiment was neutral after a flat market breadth index as a result of the bourse closing with 23 price gainers and 23 price losers.

Custodian Investment topped the laggards’ gang after it shed 8.98 per cent to trade at N11.65, Okomu Oil fell by 6.86 per cent to N338.10, Consolidated Hallmark depreciated by 6.62 per cent to N1.41, Aradel Holdings shrank by 5.85 per cent to N772.00, and McNichols lost 4.93 per cent to close at N1.35.

Conversely, Deap Capital led the advancers’ group yesterday after it appreciated by 10.00 per cent to N1.32, UAC Nigeria improved by 9.90 per cent to N21.65, Dangote Sugar gained 9.69 per cent to settle at N35.10, Champion Breweries rose by 9.65 per cent to N3.75, and DAAR Communications grew by 9.26 per cent to 59 Kobo.

During the trading day, the banking and the industrial goods sectors went down by 0.04 per cent and 0.03 per cent, respectively.

However, the consumer goods index appreciated by 0.46 per cent, the insurance sector increased by 0.40 per cent, and the energy sector gained 0.02 per cent.

When the trading session ended by 2:30 pm, the All-Share Index (ASI) was down by 2.49.40 points to 98,291.53 points from 98,540.93 points and the market capitalisation moderated by N148 billion to N59.559 trillion from N59.707 trillion.

The trading volume, value and the number of deals decreased at midweek by 9.96 per cent, 66.42 per cent and 19.42 per cent, respectively.

This was because traders transacted 257.6 million equities valued at N9.0 billion in 7,776 deals at the close of transactions versus the 286.1 million equities worth N26.8 billion traded in 9,650 deals on Tuesday.

Fidelity Bank was the busiest stock yesterday with 38.2 million units worth N559.1 million, UBA transacted 33.8 million units valued at N829.6 million, GTCO traded 16.7 million units for N858.3 million, Champion Breweries exchanged 14.4 million units valued at N54.2 million, and Zenith Bank sold 11.6 million units for N436.5 million.