Market closes lower by 0.23% amidst profit taking

The equity market on Monday admitted the Bears as investors take profit in banking stocks. Drop in the share price of Dangote Cement by 1.01% also contributed to the southward close of the market today.

The All Share Index declined by 0.23% to settle at 41,082.38 points from the previous close of 41,176.14 points. The Market Capitalisation closed at N21.491 trillion, down by N39 billion from the previous close of N21.530 trillion.

An aggregate of 738.52 million units of shares were traded in 7,396 deals, valued at N4.17 billion.

The market breadth closed positive as 35 stocks appreciated in their share prices against 22 stocks that declined in their share prices.

Stocks to Watch

  • Access Bank dropped to N9.60 from N9.70. It is currently trading 20% away from its 52 weeks high of N12. At that, there is uptrend potential in the share price of Access Bank. With the book value of N19.12, Access Bank is considered cheap at the current share price of N9.60.
  • FBN Holdings dropped to N7.3 from N7.60. It is trading 18.89% away from its 52 weeks high of N9 which implies an uptrend potential for the share price of the big elephant. Considering its book value of N19.84, relative to the current share price of N7.30, it is obvious that FBNH is underpriced and has a lot of growth potential embedded in it.
  • Zenith Bank dropped to N26.15 from N26.30. It is trading 8.25% away from its 52 weeks high of N28.5. With the book value of N32.94, relative to the current share price of N26.30, Zenith Bank has a lot of uptrend potential.
  • WAPCO grew to N24 from N23.80. It is trading 7.69% away from its 52 weeks high of N26. There is an uptrend potential for the share price of Wapco.
  • UBA dropped to N9.10 from N9.25. It is trading 7.14% away from its 52 weeks high of N9.8. With the book value of N19.16 as against its current share price of N9.10, UBA is considered cheap and has uptrend potential.
  • Guaranty Trust Bank grew to N33.65 from N33.05. It is trading 12.48% away from its 52 weeks high of N38.45, which suggest an uptrend potential for the share price of Guaranty Trust Bank.

Percentage Gainers

AIICO Insurance, Africa Alliance Insurance, RT Briscoe, Trans-nationwide Express, Universal Insurance and Cadbury all grew there share prices by 10% respectively.

BOC Gas, Livestock Feeds, Mutual Benefit Assurance and Transcorp Plc among other gainers also grew their share prices by 9.98%, 9.95%, 9.52% and 9.18% respectively.

Percentage Losers

Japaul Gold led other price decliners as it shed 6.58% of its share price to close at N1.42 from the previous close of N1.52.

Flour Mills and Wema Bank among other price decliners also shed their share prices by 5.49% and 5.33% respectively.

Volume Drivers

  • Living Trust Mortgage Bank traded 272 million units of its shares in 2 deals, valued at N163.2 million.
  • Japaul Gold traded about 92.36 million units of its shares in 520 deals, valued at N145.79 million.
  • Universal Insurance traded about 51.79 million units of its shares in 72 deals, valued at N10.41 million

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