The Nigerian equity market on Tuesday readmitted the Bears occasioned by profit taking and capital flight into the money market as a result of improved rates in the fixed income space.
The All Share Index depreciated by 0.19% to settle at 40,494.35 points from the previous close of 40,571.67 points. Market Capitalisation closed at N21.184 trillion, down by 0.19% from the previous close of N21.225 trillion which translates to a loss of N41 billion.
An aggregate of 356.43 million units of shares were traded in 5,040 deals, valued at N5.76 billion.
The Market Breadth closed positive as 22 equities emerged as gainers against 20 equities that declined in their share prices.
Stocks to Watch
- Access Bank dropped to N8.45 from N8.5. It is trading 19.52% 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 N25 from N25.15. It is trading 12.28% away from its 52 weeks high of N28.5. With the book value of N32.94, relative to its current share price, Zenith Bank is underpriced.
- UBA dropped to N8.45 from N8.55. It is trading 13.78% 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 grew to N30.90 from N30.80. It is trading 19.64% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
Percentage Gainers
Learn Africa led other gainers with 9.28% growth, closing at N1.06 from the previous close of N0.97.
Ardova, Multiverse and Wema Bank among other gainers also grew their share prices by 9.06%, 8.33% and 7.69% respectively.
Percentage losers
UPDC Real Estate Investment & Trust Plc and Cornerstone Insurance both led other price decliners as they shed 10% of their share prices to close at N5.4 and N0.54 respectively.
Consolidated Hallmark Insurance, Prestige Assurance and Coronation Insurance among other price decliners also shed their share prices by 9.52%, 8.51% and 8.33% respectively.
Volume Drivers
- Guaranty Trust Bank traded about 46.158 million units of its shares in 390 deals, valued at N1.43 billion.
- FBN Holdings traded about 35.34 million units of its shares in 239 deals, valued at N256.89 million.
- Dangote Sugar traded about 26.82 million units of its shares in 288 deals, valued at N510.53 million.