Market sustains bullish trend as NSEASI rises further by 1.25%

The entrance of smart money into equity space in search of higher returns has paid off for the Nigerian equity market as bullish sentiments persist. This fantastic market performance is also premised on impressive Q3 earnings of quoted companies.

Trading activities on the floor of NSE on Tuesday closed on a positive note as the All Share Index appreciated further by 1.25% to settle at 32,647.10 points from the previous close of 32,243.05 points.

Investors gain N211 billion as Market Capitalization closed at N17.059 trillion from the previous close of N16.848 trillion.

An aggregate of 578.78 million units of shares were traded in 7,651 deals, valued at N7.74 billion.

Other banking stocks looked up except for Guaranty Trust Bank, FCMB and Fidelity Bank.

Market Breadth 

The market breadth closed positive as 39 equities gained while 11 equities declined in their share prices.

Percentage Gainers

Neimeth, Cadbury and Glaxosmith led other gainers as they all grew their share prices by 10% respectively.

Nascon Allied Industries, Northern Nigerian Flour Mills (NNFM) and Oando among other gainers also grew their share prices by 9.96%, 9.92% and 9.76% respectively.

Percentage Losers

ABC Transport led other price decliners as it shed 8.82% of its share price to close at N0.31 from the previous close of N0.34.      

PZ and Chams Plc among other price decliners also shed their share prices by 5.38% and 4.35% respectively.

Volume Drivers

Zenith Bank traded about 67.91 million units of its shares in 752 deal, valued at N1.62 billion.

First Bank of Nigeria Holdings traded about 64.72 million units of its shares in 473 deals, valued at N464 million.

Access Bank traded about 60.24 million units of its shares in 469 deals, valued at N538.72 million.



Between the October 6 and November 10, the share price of the big elephant has appreciated by 17.36% from N6.05 to N7.10. The bull is not done with the big elephant so long the new interest rate regime is in favour of equity market.

Most indicators on the technical chart including RSI, MACD, Williams’ %R and Stochastic are giving BUY recommendation for First Bank of Nigeria Holdings.


The result of the company is beginning to be good. They have started posting better result than what they used to post. At the current share price of N21, WAPCO is about 2.78% away from its 52 weeks high of N21.6 and it is tending towards a new support level. On the technical chart, MACD, Stochastic and RSI give a BUY recommendation for WAPCO.


Access Bank eventually closed at N8.9 after touching a high N9.00 during before close of trade.

The share price of the bank has 52 weeks high of N12 and low of 5.30. Relative to the current share price of N8.9, Access Bank is trading 67.92% above its year low of N5.30 and 25.83% away from its year high of N12. At that Access Bank has an uptrend potential 25.83%.

A strong BUY is recommended for Access Bank on the technical chart.

Over the past 26 years, Access Bank Plc. has evolved from an obscure Nigerian Bank into a world-class African financial institution.

Herbert Wigwe’s name is a household name as far as banking is concerned. He is taught to be intelligent and he is a good manager. They leveraged on the outlets of diamond bank, so they can penetrate and deploy their product direct to the people.


The share price has not gone so far. It is currently trading at N8.80, though it traded flat on Tuesday. The current bull has the capacity to push the share price of UBA upward. UBA has touched a high of 9.25 and a low of N4.4 in the last 52 weeks. Going by its year high, UBA is 4.86% away from its 52 weeks high and this suggest there is still uptrend potential for UBA. On the technical chart, a STRONG BUY is recommended for UBA.


Year to date, the share price of Neimeth has gained 254.84% as it grew to N2.20 from 0.62. Pharmaceutical firm will continue to enjoy the bullish run most especially has the quest for Covid-19 vaccine is ongoing. A STRONG BUY is recommended for Neimeth Pharmaceuticals on the Technical Chart.

Other stocks to watch include Fidelity Bank, Glaxosmith, Zenith Bank, Guaranty Trust Bank among others

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