The equity market on Friday readmitted the Bears occasioned by losses in the share price of BUA Cement, Dangote Cement and MTN by 6.42%, 3.42% and 1.81% respectively.
The All Share Index depreciated by 1.37% to close at 38,382.39 points from the previous close of 38,914.84 points. Market Capitalisation declined by 1.37% to N20.082 trillion from the previous close of N20.360 trillion, thereby shedding N278 billion.
An aggregate of 290.62 million units of shares were traded in 4,311 deals, valued at N4.02 billion.
The Market Breadth closed positive as 26 equities emerged as gainers against 11 equities that declined in their share prices.
Stocks to Watch
- Access Bank grew to N8.05 from N7.85. It is trading 23.33% 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 N7.3 from N7.2. It is trading 18.89% 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’s share price grew to N22.5 from N22. It is trading 21.05% away from its 52 weeks high of N28.5. There is uptrend potential of 24.74% 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 N7.15 from N7.1. It is trading 27.04% 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 from N29.8 from N28. It is trading 19.38% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
- WAPCO traded flat at N22.6. It is trading 28.25% away from its 52 weeks high of N31.5. There is uptrend potential in the share price of Wapco as records have it that it has touched N52 some years back.
Percentage Gainers
Ikeja Hotel Plc led other gainers with 10% growth to close at N1.1 from the previous close of N1.
Eterna Plc and United Capital Plc among other gainers also grew their share prices by 9.84% and 7.37% respectively.
Percentage losers
LASACO led other price decliners as it sheds 6.92% of its share price to close at N1.21 from the previous close of N1.3.
BUA Cement and Neimeth among other price decliners also shed their share prices by 6.42% and 6.32% respectively.
Volume Drivers
- Zenith Bank traded about 66 million units of its shares in 683 deals, valued at N1.48 billion.
- Unity Bank traded about 51.1 million units of its shares in 13 deals, valued at N37.3 million.
- Guaranty Trust Bank traded about 39.39 million units of its shares in 668 deals, valued at N1.23 billion.