Transactions on the floor of the Nigerian Stock Exchange last week closed on a positive note as the All Share Index and Market Capitalization appreciated by 0.72% and 0.75% to close the week at 35,137.99 and N18.365 trillion respectively. Year to date, the market returned 30.91%.
An aggregate of 1.675 billion units of shares, valued at N25.425 billion in 23,650 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 1.816 billion shares valued at N25.791 billion that exchanged hands the week in 31,665 deals.
The Financial Services industry led the activity chart with 1.206 billion shares valued at N12.064 billion traded in 13,534 deals; thus contributing 72.00% and 47.45% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 102.368 million shares worth N3.616 billion in 3,511 deals. The third place was Natural Resources Industry, with a turnover of 86.626 million shares worth N17.492 million in 28 deals.
Trading in the top three equities namely Access Bank, FBN Holding and Zenith Bank accounted for 475.819 million shares worth N6.144 billion in 4,900 deals, contributing 28.41% and 24.16% to the total equity turnover volume and value respectively.
However, all other indices finished lower with the exception of NSE Main Board, NSE Insurance, NSE ASeM and NSE Oil/Gas which appreciated by 2.61%, 1.56%, 0.19% and 1.71%
Twenty-two (22) equities appreciated in price during the week, lower than twenty-seven (27) equities in the previous week. Forty-five (45) equities depreciated in price, higher than forty-three (43) equities in the previous week, while ninety-four (94) equities remained unchanged, higher than ninety-one (91) recorded in the previous week.
Stocks to Watch
Discerning investors should take advantage of the ongoing market correction to take position in fundamentally sound stocks. Like we have always said and would continue to say, fundamentally sound stocks should always be at the back of the mind of an investor.
- Access Bank dropped to N8.55 from N8.6. The stock is currently trading 28.75% away from its 52 weeks high of N12. At that, there is growth potential in the share price of Access Bank.
- FBN Holdings dropped to N7.1 today. It is trading 21.11% away from its 52 weeks high of N9 which implies an uptrend potential for the share price of the big elephant.
- Zenith Bank grew to N23.95. It is trading 15.96% away from its 52 weeks high of N28.5.
- WAPCO has been resilient at N23 for days. It is trading 11.54% away from its 52 weeks high of N26, which implies an uptrend potential for the share price of the company.
- UBA dropped to N8.20 from the previous close of N8.65. It is trading 16.33% away from its 52 weeks high of N9.8. There is growth potential in the share price of the bank.
- Guaranty Trust Bank dropped further to N33.25. It is trading 13.52% away from its 52 weeks high of N38.45, which suggest an uptrend potential for the share price of Guaranty Trust Bank.