Customs Street Drops 0.51% as Eterna Closes Worst-Performing Stock

Customs Street witnessed sustained selling pressure during the trading day, with the banking index shedding 1.80 per cent at the close of transactions.

Further, the consumer goods sector depreciated by 0.37 per cent, and the energy counter went down by 0.36 per cent.

However, the insurance sector grew by 0.73 per cent, the commodity space appreciated by 0.14 per cent, and the industrial goods industry slightly improved 0.01 per cent.

The heavy profit-taking by the market participants crumbled the All-Share Index (ASI) by 550.88 per cent to 106,904.25 points from 107,455.13 points and sank the market capitalisation by N345 billion to N66.943 trillion from N67.288 trillion.

The quintet of Eterna, Guinea Insurance, Dangote Sugar, Deap Capital, and Transcorp ended the day as the worst-performing stocks after losing 10.00 per cent each to sell for N37.80 per cent, 63 Kobo, N36.00, 90 Kobo, and N51.30, respectively.

The best-performing stock on Tuesday was UH REIT, which gained 9.94 per cent to quote at N48.65, NEM Insurance surged by 8.78 per cent to N14.25, Ikeja Hotel rose by 8.72 per cent to N11.85, Consolidated Hallmark appreciated by 6.76 per cent to N3.95, and Livestock Feeds increased by 4.53 per cent to N7.85.

Business Post reports that investor sentiment was weak yesterday as there were 17 price gainers and 44 price losers, indicating a negative market breadth index.

A total of 395.5 million equities worth N8.8 billion exchanged hands in 13,967 deals during the session compared with the 308.1 million equities valued at N7.2 billion transacted in 15,474 deals a day earlier, representing a decline in the number of deals by 9.74 per cent, and growth in the trading volume and value by 28.37 per cent, and 20.83 per cent, respectively.

The most active stock for the day was United Capital with 40.5 million units sold for N732.8 million, Ellah Lakes traded 26.2 million units valued at N78.9 million, Zenith Bank transacted 25.7 million units worth N1.2 billion, Universal Insurance exchanged 22.0 million units worth N13.9 million, and Access Holdings traded 18.2 million units valued at N448.3 million.