The Nigerian equity market on Monday closed on a bearish note as investors book profit on equities that have reached their target horizon.
The All Share Index declined by 0.13% to settle at 42,357.90 points from the previous close of 42,412.66 points. The Market Capitalisation closed at N22.158 trillion, down by 0.13% from the previous close of N22.187 trillion thereby shedding N29 billion.
An aggregate of 586.8 million units of shares were traded in 7,611 deals, valued at N6.02 billion.
The Market Breadth closed positive as 35 equities emerged as gainers while 28 equities declined in their share prices.
Stocks to Watch
- Access Bank dropped to N9.15 from N9.30. It is currently trading 12.86% away from its 52 weeks high of N10.5. With the book value of N19.12, Access Bank is considered cheap at the current share price of N9.15.
- FBN Holdings dropped to N7.5 from N7.60. It is trading 16.67% 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 of N7.50, shows that FBNH is cheap at the current price and has a lot of growth potential embedded in it.
- Zenith Bank dropped to N27.15 from N27.2. It is trading 4.74% away from its 52 weeks high of N28.5. With the book value of N32.94, relative to the current share price of N27.2, Zenith Bank is underpriced.
- WAPCO closed flat at 30. At a year high of N31.5, there is uptrend potential in Wapco as records have it that it has touched about N52 a few years back.
- UBA grew to N9.1 from N9.05. It is trading 7.14% away from its 52 weeks high of N9.8. With the book value of N19.16 as against its current share price of N9.1, UBA is considered cheap and has uptrend potential.
- Guaranty Trust Bank grew to N34.5 from N34. It is trading 10.27% away from its 52 weeks high of N38.45, which suggest an uptrend potential for the share price of Guaranty Trust Bank.
Percentage Gainers
Honeywell Flour led other gainers with 10% growth, closing at N1.43 from the previous close of N1.30.
Champion Breweries, MCNICHOLs and Wapic Insurance among other gainers also grew their share prices by 9.97%, 9.80% and 9.26% respectively.
Percentage losers
Royal Exchange Assurance led other price decliners as it shed 10% of its share price to close at N0.36 from the previous close of N0.40.
Guinea Insurance and Africa Alliance Insurance among other price decliners also shed their share prices by 9.09% and 8.00% respectively.
Volume Drivers
- Union Bank traded about 79.59 million units of its shares in 49 deals, valued at N469.64 million.
- Transcorp traded about 61.76 million units of its shares in 265 deals, valued at N64.68 million.
- UBA traded about 44.3 million units of its shares in 276 deals, valued at N406.7 million.