Customs Street Rebounds as CBN Leaves Rates Unchanged

The rebound at Customs Street yesterday occurred amid a pocket of profit-taking in key sectors of the market, especially in the banking space.

Data showed that the industrial goods sector shed 1.25 per cent, the consumer goods industry fell by 0.87 per cent, the commodity counter depreciated by 0.22 per cent, and the banking index went down by 0.14 per cent.

However, the gains recorded by the insurance and energy sectors lifted the Nigerian Exchange (NGX) Limited as they respectively closed higher by 1.41 per cent and 0.25 per cent.

Consequently, the All-Share Index (ASI) improved by 32.64 points to 109,730.47 points from 109,697.83 points, and the market capitalisation jumped by N21 billion to N68.966 trillion from N68.945 trillion.

During the session, the market participants bought and sold 487.1 million stocks worth N13.0 billion in 18,587 deals compared with the 486.1 million stocks valued at N11.4 billion traded in 24,883 deals a day earlier, indicating a shortfall in the number of deals by 25.30 per cent, and a leap in the trading volume and value by 0.21 per cent and 14.04 per cent, respectively.

Fidelity Bank witnessed increased activity yesterday, ostensibly because of the recent news report about a judgement debt from the Supreme Court.

Despite the clarification made by the lender concerning the issue, it came under selling pressure on Tuesday, with 60.2 million units sold for N1.1 billion to lead the activity chart.

UBA transacted 36.4 million units worth N1.3 billion, Custodian Investment traded 35.6 million units valued at N698.8 million, Tantalizers exchanged 27.6 million units for N76.4 million, and United Capital traded 26.7 million units worth N496.4 million.

Business Post reports that investor sentiment was weak during the trading day, with a negative market breadth after the bourse ended with 31 price gainers and 32 price losers.

The trio of Regency Alliance, Tripple G, and Nestle Nigeria gained 10.00 per cent each to sell for 66 Kobo, N2.20, and N1464.10 apiece, as Tantalizers appreciated by 9.88 per cent to N2.78 and Multiverse improved by 9.60 per cent to N9.70.

On the flip side, Berger Paints depreciated by 9.98 per cent to N21.20, Mutual Benefits shed 9.80 per cent to settle at 92 Kobo, ABC Transport tumbled by 9.77 per cent to N2.40, Aradel Holdings crashed by 8.55 per cent to N460.00, and Caverton lost 7.09 per cent to trade at N3.80.