The market last week halted its recurrent weekly losses as share prices of equities have started to gain momentum due to the outcome of MPC decision to retain key lending rates and impressive corporate actions by quoted firms.
In the course of last week, Stanbic IBTC declared a final dividend of N3.6 and as well issued bonus shares; Dangote Cement declared N16, Lafarge Africa (Wapco) declared N1 as dividend.
The share price of Stanbic IBTC upon the release of its full year earnings moved from N40 to N52, which translates to 30% growth week on week.
BUA Cement gained 5.08% week on week to close at N73.5 from N69.95. Dangote Cement grew by 2.27% week on week to close at N225 from N220. MTN grew its share price by 1.91% to N160 from the previous close of N157.
The market awaits more audited reports in the coming weeks and anticipates juicy corporate actions by quoted firms which will obviously trigger forward movement of share prices.
The All Share Index and Market Capitalization appreciated by 2.17% to close the week at 39,216.20 and N20.518 trillion respectively.
An aggregate of 1.530 billion units of shares worth N21.311 billion in 20,016 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 2.342 billion shares valued at N19.272 billion that exchanged hands the previous week in 20,173 deals.
The Financial Services Industry led the activity chart with 1.096 billion shares valued at N12.294 billion traded in 11,106 deals; thus contributing 71.67% and 57.69% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 177.673 million shares worth N3.577 billion in 3,139 deals. The third place was Conglomerates Industry, with a turnover of 99.609 million shares worth N216.997 million in 856 deals.
Trading in the top three equities namely Union Bank Nig. Plc, Guaranty Trust Bank Plc and Dangote Sugar Refinery Plc accounted for 687.616 million shares worth N9.496 billion in 3,022 deals, contributing 44.95% and 44.56% to the total equity turnover volume and value respectively.
All other indices finished higher with the exception of NSE MERI Value and NSE Sovereign Bond Indices, which declined by 1.54% and 0.13% while the NSE ASeM, NSE AFR Div Yield and NSE Growth Indices closed flat.
Forty-eight (48) equities appreciated in price during the week, higher than Thirty-three (33) equities in the previous week. Eighteen (18) equities depreciated in price, lower than Twenty-five (25) equities in the previous week, while ninety-six (96) equities remained unchanged, lower than one hundred and four (104) equities recorded in the previous week.
Stocks to Watch
- Access Bank grew to N8.35 from N8.3. It is trading 20.48% 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 grew to N7.3 from N7.25. It is trading 18.89% 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 traded flat at N22. It is trading 22.81% 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 N6.8 from N6.85. It is trading 30.10% 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 N31.55 from N31.15. It is trading 17.95% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
- Lafarge Africa (WAPCO) grew to N21.50 from N21.15. It is trading 31.75% away from its 52 weeks high of N31.5. There is uptrend potential of 33.65% in the share price of Wapco. The company declared a dividend of N1 per ordinary share to shareholders whose names appear in the Register of Members at the close of business on Friday, 30th April, 2021. For the purpose of the dividend, the Register of Shareholders will be closed from 4th May, 2021 to 7th May, 2021.