The equity market on Wednesday continued its downward trend as profit taking and portfolio realignment persist by investors. This is occasioned by improved rate in the bond market.
The All Share Index depreciated by 1.96% to settle at 40,696.01 points from the previous close of 41,510.16 points.
The Market Capitalisation closed at N21.290 trillion, down by 1.96% from the previous close of N21.716 trillion, thereby shedding N426 billion.
An aggregate of 366.86 million units of shares were traded in 5,718 deals, valued at N5.48 billion.
The Market Breadth closed negative as 13 equities emerged as gainers against 37 equities that declined in their share prices.
Stocks to Watch
- Access Bank dropped to N8.1 from N8.5. It is trading 22.86% 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 of N8.10.
- FBN Holdings dropped to N7.2 from N7.35. 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. Considering its book value of N19.84, relative to the current share price of N7.2, 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 N25.8. 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.
- WAPCO dropped to N26 from N26.7. It is trading 17.46% away from its 52 weeks high of N31.5. There is uptrend potential in Wapco as records have it that it has touched about N52 a few years back.
- UBA dropped to N8.1 from N8.70. It is trading 17.35% 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 N32.2 from N32.7. It is trading 16.25% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
Percentage Gainers
Niger Insurance led other gainers with 10% growth, closing at N0.22 from the previous close of N0.20.
Champion Breweries and Wapic Insurance among other gainers also grew their share prices by 9.82% and 7.41%.
Percentage losers
CAP Plc, ETRANZACT, Sunu Assurance, Fidson, Regency Assurance and Sovereign Trust Insurance shed lost 10% of their share prices.
Mutual Benefit and Linkage Assurance among other price decliners also shed their share prices by 9.76% and 9.09% respectively.
Volume Drivers
- Zenith Bank traded about 43.74 million units of its shares in 527 deals, valued at N1.1 billion.
- FBN Holdings traded about 40.029 million units of its shares in 278 deals, valued at N289.26 million.
- Guaranty Trust Bank traded about 35.98 million units of its shares in 370 deals, valued at N1.17 billion.