The Nigerian equity market on Wednesday closed on a negative note occasioned drop in the share price of MTN by 2.3%. The current market mood can be linked to the improved yield in the money market and fixed income space which consequently triggered capital flight from the equity market into the bond market and money market.
The All Share Index depreciated by 0.44% to settle at 39,522.06 points from the previous close of 39,697.62 points. The market capitalization closed at N20.678 trillion, down by 0.44% from the previous close of N20.770 trillion, thereby shedding N92 billion.
An aggregate of 244.34 million units of shares were traded in 4,714 deals, valued at N4.13 billion.
The Market Breadth closed negative as 16 equities emerged as gainers against 30 equities that declined in their share prices.
Stocks to Watch
- Access Bank dropped to N8.00 from N8.1. It is trading 23.81% 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 traded flat at N7.1. 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. 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 dropped to N25.55 from N25.65. It is trading 10.35% away from its 52 weeks high of N28.5. Zenith declared a final dividend of N2.70 per share to its shareholders, which in addition to the 30 kobo per share as interim dividend amounts to N3.00 per share.
- UBA grew to N8.25 from N8.20. It is trading 15.82% 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 grew to N31.7 from N315. It is trading 17.56% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
Percentage Gainers
Seplat led other gainers with 10% growth to close at N583 from the previous close of N530.
AIICO Insurance, Cornerstone Insurance and UAC Property among other gainers also grew their share prices by 5.22%, 5.17% and 5.00% respectively.
Percentage losers
Japaul Gold led other price decliners as it shed 10% of its share price to close at N0.54 from the previous close of N0.60.
NEM Insurance and Champion Breweries among other price decliners also shed their share prices by 9.91% and 9.76% respectively.
Volume Drivers
- Zenith Bank traded about 48.38 million units of its shares in 635 deals, valued at NN1.06 billion.
- Guaranty Trust Bank traded about 28.99 million units of its shares in 319 deals, valued at N919.82 million.
- UCAP traded about 24.61 million units of its shares in 364 deals, valued at N145.32 million.