The equity market on Tuesday readmitted the Bulls occasioned by gain in the share price of Dangote Cement and MTN by 3.55% and 1.2% respectively.
The All Share Index appreciated by 0.41% to settle at 38,720.81 points from the previous close of 38,561.84 points. Investors gained N83 billion as Market Capitalisation grew by 0.41% to closed N20.259 trillion from the previous close of N20.176 trillion.
An aggregate of 220.86 million units of shares were traded in 4,192 deals, valued at N4.2 billion.
The Market Breadth closed negative as 11 equities emerged as gainers against 20 equities that declined in their share prices.
Stocks to Watch
- Access Bank traded flat at N7.8. It is trading 25.71% 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 N7.3 from N7.35. 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’s share price dropped to N20.3 from N21.20. It is trading 28.77% away from its 52 weeks high of N28.5. There is uptrend potential of 24.74% 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 N7 from N7.20. It is trading 28.57% 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 N28.5 from N29.95. It is trading 25.88% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
- WAPCO traded flat at N22. It is trading 30.16% away from its 52 weeks high of N31.5. There is uptrend potential in the share price of Wapco as records have it that it has touched N52 some years back.
Percentage Gainers
Regency Assurance and Guinness led other gainers with 10% growth to close at N0.33 and N25.3 respectively.
Jaiz Bank and Vitafoam among other gainers also grew their share prices by 9.68% and 5.44% respectively.
Percentage losers
Coronation Insurance led other price decliners as it shed 9.09% of its share price to close at N0.50 from the previous close of N0.55.
Africa Prudential Plc and Fidelity Bank among other price decliners also shed their share prices by 8.26% and 6.69% respectively.
Volume Drivers
- UBA traded about 24.4 million units of its shares in 271 deals, valued at N171.57 million.
- Access Bank traded 19.13 million units of its shares in 190 deals, valued at N148 million.
- Mutual Benefit Assurance traded about 17.88 million units of its shares in 23 deals, valued at N6.85 million.