The equity market opened the week on a bullish note occasioned by impressive Q1 result released by UBA.
The All Share Index appreciated by 0.10% to close at 38,848.02 points from the previous close of 38,808.01 points.
Investors gained N21 billion as market capitalization grew by 0.10% to close at N20.331 trillion from the previous close of N20.310 trillion.
An aggregate of 508.6 million units of shares were traded in 4,324 deals valued at N32.1 billion.
The market breadth closed positive as 18 equities emerged on the gainers list while 12 equities declined in their share prices.
Percentage Gainers
FCMB led other gainers with 9.77% growth to close at N2.92 from the previous close of N2.66. This is followed by Northern Nigerian Flour Mills (NNFM) and University Press both grew their share prices by 9.35% respectively.
Honeywell Flour and Mutual Benefit Assurance among other gainers also grew their share prices by 9.24% and 8.82% respectively.
Percentage Losers
FTN Cocoa led other price decliners as it sheds 10% of its share price to close at N0.45 from the previous close of N0.50.
Unity Bank and UAC Property among other price decliners also shed their share prices by 7.81% and 5.06% respectively.
Volume Drivers
- MTN traded about 181.73 million units of its shares in 96 deals, valued at N29.677 billion.
- Fidelity Bank traded about 106.88 million units of its shares in 368 deals, valued at N224.749 million.
- First Bank of Nigeria Holdings traded about 35.02 million units of its shares in 264 deals, valued at N267.176 million.
Stocks to Watch
- Access Bank’s share pricedropped to N7.5 from N7.6. It is trading 28.57% away from its 52 weeks high of N10.5. A position in Access Bank has an upside potential of 27.62%, relative to its year high of N10.50. With the book value of N21.13, Access Bank is considered cheap at the current share price.
- FBN Holdings grew to N7.65 from N7.6. It is trading 15% 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 N21.32, 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 N21.65 from N21.5. It is trading 24.03% away from its 52 weeks high of N28.5. There is uptrend potential in the share price of Zenith Bank. With the book value of N35.59 relative to the current share price, Zenith Bank is considered cheap.
- UBA grew to N7.05 from N6.95. It is trading 28.06% away from its 52 weeks high of N9.8. With the book value of N21.17 as against its current share price, UBA is considered cheap and has uptrend potential.
- Guaranty Trust Bank grew to N29.5 from N29.15. It is trading 23.28% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
- Lafarge Africa (WAPCO) traded flat at N20.5. It is trading 34.92% away from its 52 weeks high of N31.5. At that, there is uptrend potential in the share price of Wapco.