Market closes lower by 1.83% amidst profit taking

The market on Tuesday admitted the Bears occasioned by profit taking particularly in heavy weight stocks including MTN and BUA Cement among others. The All Share Index dropped by 1.83% to settle at 40,396.14 points against the previous close of 41,147.39 points. The Market Capitalisation closed at N21.122 trillion, down by 1.83% from the previous close of N21.515 trillion, thereby shedding N393 billion.

An aggregate of 465.67 million units of shares were traded in 7,573 deals, valued at N5.12 billion.

The market breadth closed negative as 16 stocks appreciated in their share prices against 34 stocks that declined in their share prices.

Stocks to Watch

  • Access Bank traded flat at N8.8. It is currently trading 26.67% away from its 52 weeks high of N12. At that, there is uptrend potential in the share price of Access Bank.
  • FBN Holdings dropped to N7.2 from N7.85. It is trading 20% away from its 52 weeks high of N9 which implies an uptrend potential for the share price of the big elephant.
  • Zenith Bank dropped to N24.6 from N25.7. It is trading 13.68% away from its 52 weeks high of N28.5.
  • WAPCO dropped to N22.4 from N22.95. It is trading 13.85% away from its 52 weeks high of N26, which implies an uptrend potential for the share price of the company.
  • UBA dropped to N8.4 from N8.85. It is trading 14.29% away from its 52 weeks high of N9.8.
  • Guaranty Trust Bank dropped to N32.55 from N33.5. It is trading 15.34% away from its 52 weeks high of N38.45, which suggest an uptrend potential for the share price of Guaranty Trust Bank.

Percentage Gainers

BOC Gas led other gainers with 9.72% growth to close at N10.5 from the previous close of N9.57.

NEM Insurance and Sovereign Trust Insurance among other gainers also grew their share prices by 9.50% and 9.09% respectively.

Percentage Losers

Oando led other price decliners as it shed 10% of its share price to close at N3.33 from the previous close of N3.70.

FTN Cocoa, May & Baker and FBN Holdings among other price decliners also shed their share prices by 9.72%, 8.55% and 8.28% respectively.

Volume Drivers

  • Transcorp traded about 69.16 million units of its shares in 197 deals, valued at N64.82 million.
  • Zenith Bank traded about 31.71 million units of its shares in 537 deals, valued at N788.33 million.
  • FCMB traded about 26.59 million units of its shares in 212 deals, valued at N80.21 million.

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