For five straight days this week, the market has been bullish occasioned by the rally in the share price of high caps stocks including Dangote Cement, Airtel Africa, MTN and Nestle.
The All Share Index on Friday grew by 1.56% to 36,804.75 points from the previous close of 36,239.62 points. Investors gained N295 billion as market capitalization increased to N19.236 trillion from the previous close of N18.941 trillion.
An aggregate of 426.33 million units of shares were traded in 4,298 deals, valued at N4.36 billion.
The market breadth closed positive as 32 stocks gained while 7 stocks declined in their share prices.
Stocks to Watch
We have always advised investors to take position in fundamentally sound stocks. We need to continue to look at stocks that will continue to pay good dividend, such that, if you miss capital appreciation, you will be compensated by good dividend. Fourth Quarter (Q4) result is around the corner, investors should consider stocks that are going to have good dividend yield.
- Access Bank grew to N8.40 from N8.35. The stock is currently trading 30% away from its 52 weeks high of N12. At that, there is uptrend potential in the share price of Access Bank.
- FBN Holdings grew to N7.1 from N7.00. 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 N24.8 from N24.75. It is trading 12.98% away from its 52 weeks high of N28.5.
- WAPCO grew to N22 from N21.9. It is trading 15.38% away from its 52 weeks high of N26, which implies an uptrend potential for the share price of the company.
- UBA closed flat at N8.30. It is trading 15.31% away from its 52 weeks high of N9.8. There is growth potential in the share price of the bank.
- Guaranty Trust Bank closed flat at N33.75. It is trading 12.22% away from its 52 weeks high of N38.45, which suggest an uptrend potential for the share price of Guaranty Trust Bank.
Percentage Gainers
Cutix Plc and Champions Breweries both led other gainers with 9.88% growth to close at N1.89 and N0.89 respectively.
Oando, Japaul Gold and AXA Mansard among other gainer also grew their share prices by 9.79%, 9.68% and 9.52% respectively.
Percentage Losers
C&I Leasing led other price decliners as it shed 9.83% of its share price to close at N4.31 from the previous close of N4.78.
LASACO and Linkage Assurance among other price decliners also shed their share prices by 6.25% and 2.17% respectively.
Volume Drivers
- Niger Insurance traded about 130.24 million units of its shares in 3 deals, valued at N26 million.
- Guaranty Trust Bank traded about 23.43 million units of its shares in 255 deals, valued at N790.82 million.
- AXA Mansard traded about 21.75 million units of its shares in 35 deals, valued at N20 million.