Market dips lower by 3.04% WtD on profit taking

Transactions on the floor of the Nigerian Stock Exchange last week closed on a negative note as the All Share Index and Market Capitalisation  depreciated by 3.04% to close the week at 40,439.85 and N21.156 trillion respectively.

An aggregate of 2.683 billion units of shares, valued at N23.662 billion in 27,844 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 2.767 billion shares valued at N29.685 billion that exchanged hands the previous week in 31,380 deals.

The Financial Services Industry led the activity chart with 2.032 billion shares valued at N13.416 billion traded in 14,832 deals; thus contributing 75.74% and 56.70% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 181.766 million shares worth N3.601 billion in 4,676 deals. The third place was Conglomerates Industry, with a turnover of 175.085 million shares worth N324.006 million in 1,168 deals.

Trading in the top three equities namely Living Trust Mortgage Bank Plc, First Bank Holding Plc and Zenith Bank Plc (measured by volume) accounted for 1.208 billion shares worth N6.580 billion in 3,785 deals, contributing 45.02% and 27.81% to the total equity turnover volume and value respectively.

All other indices finished lower with the exception of NSE Growth Index which rose by 0.42% while the NSE ASeM and NSE Sovereign Bond Indices closed flat.

Sixteen (16) equities appreciated in price last week, lower than twenty-two (22) equities in the previous week. Fifty-five (55) equities depreciated in price, lower than sixty (60) equities in the previous week, while ninety-one (91) equities remained unchanged, higher than eighty (80) equities recorded in the previous week.

 The current market downturn has provided another BUY opportunity for discerning investors.

Stocks to Watch

  • Access Bank grew to N 8.15 from N8. It is trading 23.38% 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 grew to N7.25 from N7.2. It is trading 19.44% 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 grew to N25 from N24.8. It is trading 12.28% away from its 52 weeks high of N28.5. With the book value of N32.94, relative to its current share price, Zenith Bank is underpriced.
  • UBA grew to N8.2 from N8.1. It is trading 16.33% 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 N30.35 from N30.55 from N32.2. It is trading 21.07% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.

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