Customs Street Rallies 0.62% as Appetite for Stocks Grows

This was influenced by the price appreciation recorded by 35 stocks, overpowering the impact of the 29 depreciating stocks during the session, reflecting a positive market breadth index and strong investor sentiment.

Beta Glass gained 9.97 per cent to sell at N120.75, The Initiates appreciated by 9.90 per cent to N5.44, Cadbury Nigeria leapt by 9.87 per cent to N35.05, Caverton improved by 9.77 per cent to N2.92, and Multiverse gained 9.45 per cent to quote at N6.95.

On the flip side, Ecobank declined by 9.62 per cent to N23.50, Meyer lost 6.70 per cent to settle at N8.35, Custodian Investment tumbled by 4.72 per cent to N17.15, Mutual Benefits went down by 4.49 per cent to 85 Kobo, and Access Holdings depreciated by 3.88 per cent to N21.05.

Business Post reports that the strong appetite for local equities suppressed the profit-taking in the banking space yesterday as its index closed lower by 1.62 per cent.

However, the consumer goods counter rose by 2.90 per cent, the insurance index gained 2.69 per cent, the energy sector jumped by 2.58 per cent, the commodity industry advanced by 1.59 per cent, and the industrial goods counter chalked up 0.07 per cent.

As a result, the All-Share Index (ASI) was up by 655.93 points to close at 106,698.50 points compared with the preceding session’s 106,042.57 points and the market capitalisation increased by N412 billion to settle at N67.060 trillion versus last Friday’s N66.648 trillion.

Investors bought and sold 569.0 million shares valued at N18.9 billion in 18,612 deals, in contrast to the 565.3 million shares worth N15.0 billion traded in 18,367 deals in the previous session, indicating an improvement in the trading volume, value, and number of deals by 0.66 per cent, 26.00 per cent, and 1.33 per cent, respectively.

First HoldCo dominated the activity chart with the sale of 106.0 million equities for N2.6 billion, GTCO traded 87.2 million stocks worth N5.6 billion, Access Holdings exchanged 42.9 million shares valued at N919.3 million, Japaul transacted 41.3 million stocks for N80.6 million, and Chams sold 23.6 million equities valued at N48.8 million.