Customs Street Appreciates by 0.47% on Renewed Interest

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.47 per cent on Friday after investors reignited their interest in domestic stocks after a series of sell-offs.

Though profit-taking in the insurance and the consumer goods sectors weakened the respective index by 1.25 per cent and 0.47 per cent, this did not affect the outcome of the bourse for the session.

This was because the energy counter grew by 3.49 per cent, the banking space rose by 0.11 per cent, and the industrial goods sector also expanded by 0.11 per cent.

Consequently, the All-Share Index (ASI) increased by 456.12 points to 97,520.54 points from 97,064.42 points and the market capitalisation jumped by N262 billion to close at N56.039 trillion versus Thursday’s N55.777 trillion.

The local bourse ended the trading day with a positive market breadth index after recording 31 price gainers and 21 price losers, implying a bullish sentiment.

Seplat topped the gainers’ table after it rose by 10.00 per cent to N4,964.70, ABC Transport appreciated by 9.82 per cent to N1.23, Livestock Feeds increased by 9.70 per cent to N3.28, Caverton grew by 9.62 per cent to N2.62, and FTN Cocoa appreciated by 9.29 per cent to N2.00.

Conversely, topped the losers’ group after it shed 10.00 per cent to finish at N27.00, PZ Cussons went down by 9.49 per cent to N17.65, Regency Alliance Insurance fell by 8.89 per cent to 82 Kobo, AXA Mansard shrank by 7.08 per cent to N5.51, and Dangote Sugar declined by 5.85 per cent to N30.60.

A total of 320.7 million equities valued at N6.0 billion were transacted in 8,763 deals yesterday compared with the 268.4 million equities valued at N6.8 billion traded in 8,565 deals a day earlier, representing a fall in the trading value by 11.77 per cent, and a drop in the trading volume and the number of deals by 19.49 per cent and 2.31 per cent, respectively.

The busiest stock for the day was UBA with a turnover of 36.7 million units for N991.5 million, Sterling Holdings transacted 23.6 million units valued at N121.8 million, Ellah Lakes traded 23.3 million units worth N105.6 million, Lafarge Africa sold 16.7 million units valued at N617.0 million, and Regency Alliance Insurance exchanged 16.0 million units worth N13.6 million.