Customs Street Opens Week With 0.62% Growth, Welcomes New Member

By Dipo Olowookere

The first trading session of the new week at the Nigerian Exchange (NGX) Limited ended on a positive note on Monday with a 0.62 per cent growth.

This happened as the bourse welcomed a new member, Aradel Holdings Plc, to its fold. The integrated energy company listed 4.34 billion of its shares at N702.69 per unit yesterday, adding about N3.05 trillion to the value of the exchange.

During the trading day, investors showed significant interest in financial and consumer goods stocks, helping the market to finish in the green territory.

The banking counter appreciated by 0.36 per cent, the insurance space gained 0.29 per cent, and the consumer goods index grew by 0.24 per cent, while the energy and the industrial goods sectors declined by 0.02 per cent and 0.01 per cent, respectively.

At the close of transactions, the All-Share Index (ASI) increased by 608.50 points to 98,215.13 points from 97,606.63 points and the market capitalisation expanded by 6.10 per cent or N3.422 trillion to N59.510 trillion compared with the preceding day’s N56.088 trillion.

Business Post reports that investor sentiment was weak yesterday after Customs Street ended with 20 price gainers and 31 price losers, representing a negative market breadth index.

Coronation Insurance was the best-performing equity after it jumped by 10.00 per cent to 88 Kobo, The Initiates increased by 9.74 per cent to N2.14, Consolidated Hallmark gained 9.35 per cent to close at N1.52, MeCure Industries went up by 8.91 per cent to N11.00, and NASCON rose by 6.67 per cent to N32.00.

On the flip side, Vitafoam Nigeria finished the day as the worst-performing stock after it dropped 9.09 per cent to sell for N20.00, Tantalizers tumbled by 8.33 per cent to 55 Kobo, Integrated Energy Insurance slumped by 6.37 per cent to N1.47, Secure Electronic Technology shrank by 6.15 per cent to 61 Kobo, and Guinea Insurance moderated by 6.12 per cent to 46 Kobo.

During the session, 305.0 million equities valued at N19.7 billion exchanged hands in 8,083 deals compared with the 304.4 million equities worth N5.6 billion traded in 6,950 deals last Friday, indicating a rise in the trading volume, value and number of deals by 0.20 per cent, 251.79 per cent and 16.30 per cent, respectively.

Cutix closed the day as the most active stock for selling 37.9 million units worth N95.2 million, Zenith Bank traded 34.1 million units for N1.3 billion, UBA transacted 33.9 million units valued at N897.8 million, Chams exchanged 18.8 million units worth N38.2 million, and Aradel Holdings sold 18.7 million units for N14.5 billion.