The Nigerian stock market on Wednesday closed on a positive note occasioned by gain in the share price of Nestle and MTN by 3.27% and 1.12% respectively.
The All Share Index appreciated by 0.02% to settle at 38,774.03 points from the previous close of 38,766.61 points. Investors gained N4 billion as Market Capitalisation closed at N20.287 trillion from the previous close of N20.283.
An aggregate of 356.46 million units of shares were traded in 6,130 deals, valued at N4.193 billion.
The Market Breadth closed negative as 12 equities emerged as gainers against 27 equities that declined in their share prices.
Percentage Gainers
Jaiz Bank led other gainers with 10% growth to close at N0.66 from the previous close of N0.60.
Initiates Plc, Royal Exchange Assurance and Japaul Gold among other gainer also grew their share prices by 9.52%, 8.33% and 8.16% respectively.
Percentage losers
Sterling Bank led other price decliners as it sheds 9.47% of its share price to close at N1.53 from the previous close of N1.69
Pharmadeko and Prestige Assurance among other price decliners also shed their share prices by 9.46% and 8.70% respectively.
Volume Drivers
- Zenith Bank traded about 55.03 million units of its shares in 763 deals, valued at N1.156 billion.
- Access Bank traded about 38.38 million units of its shares in 721 deals, valued at N308.55 million
- Transcorp Plc traded about 31.86 million units of its shares in 177 deals, valued at N24.899 million.
Stocks to Watch
- Access Bank dropped to N7.90 from N8.1. It is trading 24.76% away from its 52 weeks high of N10.5, hence there is uptrend potential in Access Bank. With the book value of N19.12, Access Bank is considered cheap at the current share price.
- FBN Holdings dropped to N7.25 from N7.3. It is trading 19.44% 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, shows that FBNH is cheap at the current price and has a lot of growth potential embedded in it.
- Zenith Bank dropped to N21 from N21.90. It is trading 26.32% away from its 52 weeks high of N28.5. There is uptrend potential of 21.05% in the share price of Zenith Bank. With the book value of N35.59 relative to the current share price, Zenith Bank is considered cheap.
- UBA dropped to N6.95 from N7. It is trading 29.08% away from its 52 weeks high of N9.8. With the book value of N19.16 as against its current share price, UBA is considered cheap and has uptrend potential.
- Guaranty Trust Bank dropped to N28 from N29.95. It is trading 27.18% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
- Lafarge Africa (WAPCO) dropped to N21 from N21.5. It is trading 33.33% away from its 52 weeks high of N31.5. At that, there is uptrend potential in the share price of Wapco.