The equity market last week closed on a bearish note as profit taking persist by investors in order to take position in the bond market with attractive yield of 11.8%.
The NSE All-Share Index and Market Capitalization depreciated by 0.63% and 0.61% to close the week at 40,186.70 and N21.026 trillion respectively.
An aggregate of 1.541 billion units of shares, valued at N18.235 billion in 22,752 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 2.683 billion shares valued at N23.662 billion that exchanged hands the previous week in 27,844 deals.
The Financial Services Industry led the activity chart with 1.099 billion shares valued at N11.110 billion traded in 12,544 deals; thus contributing 71.35% and 60.92% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 133.156 million shares worth N2.327 billion in 3,941 deals. The third place was Conglomerates Industry, with a turnover of 121.143 million shares worth N263.219 million in 839 deals.
Trading in the top three equities namely First Bank Holding Plc, Guaranty Trust Bank Plc and Zenith Bank Plc accounted for 553.512 million shares worth N8.931 billion in 5,132 deals, contributing 35.92% and 48.98% to the total equity turnover volume and value respectively.
All other indices finished lower with the exception of NSE Banking, NSE AFR Div Yield, NSE MERI Value, NSE Oil/Gas and NSE Growth Indices which rose by 0.54%, 1.20%, 0.27%, 4.60% and 5.43% while the NSE ASeM and NSE Sovereign Bond Indices closed flat.
Thirty-nine (39) equities appreciated in price last week, higher than sixteen (16) equities in the previous week. Thirty-three (33) equities depreciated in price, lower than fifty-five (55) equities in the previous week, while ninety (90) equities remained unchanged, lower than ninety-one (91) equities recorded in the previous week.
Stocks to Watch
- Access Bank grew to N8.2 from N8.1. It is trading 21.9% 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 N7.35. It is trading 18.33% 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 N24.7 from N24.1. It is trading 13.33% 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 N8.3 from N8.00. It is trading 15.31% 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 N30.40 from N30.30. It is trading 20.94% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.