The equity market resumed the new month on a positive note as the All Share index on Tuesday appreciated by 0.30% to settle at 35,147.62 points from the previous close of 35,042.14 points. Investors gain N55 billion as market capitalisation grew by 0.30% to N18.365 trillion from the previous close of N18.310 trillion.
The growth we are seeing in the equity market shows that even when people are cautious, the market is not going down. From all indication, the market is expected to sustain the positive vibration till the year end. The equity market will continue to look up as far as the rates in the money market and fixed income space are low.
The market breadth closed negative as 16 equities gained while 21 equities declined in their share prices.
An aggregate of 308.18 million units of shares were traded in 4,515 deals, valued at N3.4 billion.
Stocks to Watch
The following stocks are attractive at the moment: Zenith Bank, Guaranty Trust Bank, WAPCO, UBA, Access Bank, FBNH and Glaxosmith because they are still trading around their axis.
- Access Bank grew to N8.6 today. The stock is currently trading 27.50% away from its 52 weeks high of 12%. At that, there is growth potential in the share price of Access Bank.
- Zenith Bank is currently trading at N24.4 and it has the potential to back to where it was coming from.
- WAPCO closed flat today at N23. 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 came down to N8.20 today. There is bounce back potential for the share price of the bank.
- FBNH closed flat at N7.2 which makes it very attractive for investors to take position.
- Glaxosmith grew to N6.65 today. It is trading 23.56% away from its 52 weeks high of N8.70, at that, there is growth potential for the share price of GSK.
- Guaranty Trust grew to N35 today and it has uptrend capacity going forward.
Percentage Gainers
Caverton led other gainers with 9.88% growth to close at N1.89 from the previous close of N1.72.
Cutix Plc, AIICO Insurance and Chams Plc among other gainers also grew their share prices by 9.80%, 9.78% and 8.70% respectively.
Percentage Losers
Cornerstone Insurance led other price decliners as it shed 10% of its share price to close at N0.54 from the previous close of N0.60.
Consolidated Hallmark Insurance and Prestige Assurance among other price decliners also shed their share prices by 9.68% and 9.09% respectively.
Volume Drivers
- Access Bank traded about 43.67 million units of its shares in 222 deals, valued at N376.48 million.
- FBN Holdings traded about 31.93 million units of its shares in 274 deals, valued at N229.79 million.
- Mutual Benefit traded about 24.43 million units of its shares in 51 deals, valued at N5.16 million.