Strong Investor Demand for Banking Stocks Lifts Customs Street by 0.45%

According to data obtained from the bourse, the banking index was up by 2.12 per cent, the consumer goods space rose by 2.11 per cent, and the industrial goods sector improved by 0.15 per cent.

However, the other sectors came under profit-taking, with the commodity counter declining by 0.25 per cent, the energy counter shedding 0.18 per cent, and the insurance sector losing 0.15 per cent.

At the close of trades, the All-Share Index (ASI) grew by 488.73 points to 108,849.83 points from 108,361.10 points and the market capitalisation expanded by N307 billion to N68.412 trillion from N68.105 trillion.

During the session, UPDC REIT gained 10.00 per cent to settle at N6.60, Meyer also leapt by 10.00 per cent to N8.80, Beta Glass advanced by 9.98 per cent to N146.05, The Initiates went up by 9.95 per cent to N6.08, and Vitafoam Nigeria moved up by 9.94 per cent to N55.85.

However, Deap Capital lost 10.00 per cent to quote at N1.08, Veritas Kapital depreciated by 9.09 per cent to N1.00, Linkage Assurance crashed by 6.61 per cent to N1.13, Africa Prudential dwindled by 5.60 per cent to N16.00, and UDPC retreated by 4.46 per cent to N3.00.

Business Post reports that a total of 50 equities ended on the gainers’ log yesterday and 16 equities finished on the losers’ side, representing a positve market breadth index and strong investor sentiment.

The market participants traded 587.5 million shares valued at N18.7 billion in 17,496 deals at midweek versus the 475.5 million shares worth N13.9 billion transacted in 17,575 deals on Tuesday, showing a decline of 0.45 per cent in the number of deals, and a growth in the trading volume and value by 23.55 per cent and 34.53 per cent, respectively.

The most active stock was GTCO with a turnover of 98.6 million units valued at N6.6 billion, Tantalizers traded 75.5 million units worth N175.2 million, Fidelity Bank exchanged 40.5 million units for N816.0 million, Zenith Bank transacted 38.5 million units worth N1.9 billion, and Nigerian Breweries sold 30.5 million units valued at N1.6 billion.