Customs Street Collapses by 0.07% as Investors Eye T-Bills Auction

The Nigerian Exchange (NGX) Limited collapsed by 0.07 per cent on Tuesday as investors shifted attention to the fixed-income market, which is expected to witness treasury bills auction on Wednesday.

It was observed that traders liquidated their shares yesterday to place bids for the next day’s T-bills sales at the primary market by the Central Bank of Nigeria (CBN).

As a result of the profit-taking, Customs Street closed lower, with the insurance counter down by 1.53 per cent, and the banking sector down by 1.45 per cent, while the consumer goods index grew by 0.36 per cent, and the energy and industrial goods sectors closed flat.

Consequently, the All-Share Index (ASI) shed 67.84 points to finish at 99,051.02 points versus 99,118.86 points, and the market capitalisation declined by N38 billion to N56.032 trillion from N56.070 trillion.

Business Post reports that investor sentiment was weak after the bourse ended with 22 price losers and 17 price gainers, representing a negative market breadth index.

Tantalizers lost 10.00 per cent to quote at 45 Kobo, International Energy Insurance dropped 9.71 per cent to trade at N1.58, UPDC depreciated by 9.70 per cent to N1.21, Unity Bank shrank by 9.42 per cent to N1.25, and Chams slumped by 6.67 per cent to N1.40.

Conversely, Nigerian Breweries gained 10.00 per cent to settle at N28.60, Presco rose by 9.99 per cent to N293.90, Oando expanded by 9.65 per cent to N14.20, RT Briscoe improved by 9.62 per cent to 57 Kobo, and Deap Capital advanced by 9.09 per cent to 48 Kobo.

On the activity chart, Veritas Kapital was on top after transacting 59.2 million shares worth N40.2 million, Fidelity Bank sold 48.1 million stocks for N468.2 million, Oando exchanged 28.0 million equities for N397.0 million, Unity Bank traded 20.5 million stocks valued at N25.9 million, and UBA transacted 19.8 million shares for N418.9 million.

When trading activities ended for the session, 316.9 million shares worth N7.3 billion exchanged hands in 7,978 deals compared with the 349.6 million shares worth N5.2 billion traded a day earlier in 8,082 deals, implying a decline in the trading volume and number of deals by 9.35 per cent and 1.29 per cent, respectively, as the trading value increased by 40.39 per cent.

By Dipo Olowookere

Leave a Reply

Your email address will not be published.

You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>