The equity market on Friday admitted the Bulls as growth in the share prices of Airtel Africa and Mobil boosted the market to a positive close. Aside from that, several other stocks shed their weight to close lower due to profit taking.
All Share Index grew by 0.48% to settle at 35,137.99 points from the previous close of 34,968.94 points. The market capitalization grew by 0.48% to N18.365 trillion from the previous close of N18.227 trillion, thereby gaining N42 billion. Year to date, the market returned 30.91%; and week to date, the market returned 0.72%.
An aggregate of 292.86 million units of shares were traded in 4,392 deals, valued at N4.285 billion.
The market breadth closed negative as 13 equities gained while 19 equities declined in their share prices.
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 every investors.
- 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.
Percentage Gainers
Tripple G led other gainers with 10% growth to close at N0.66 from the previous close of N0.60.
Mobil, Airtel Africa and AXA Mansard among other gainers also grew their share prices by 9.20%, 8.75% and 7.48% respectively.
Percentage Losers
Royal Exchange Assurance led other price decliners as it shed 8.33% of its share price to close at N0.22 from the previous close of N0.24.
Union Diagnostics and Consolidated Hallmark Insurance among other price decliners also shed their share prices by 7.41% and 7.14% respectively.
Volume Drivers
- FBN Holdings Plc traded about 40.53 million units of its shares in 293 deals, valued at N289.39 million.
- UBA traded about 35.25 million units of its shares in 162 deals, valued at N295.9 million.
- Access Bank traded about 32.6 million units of its shares in 207 deals, valued at N276.84 million.