The Nigerian equity market on Wednesday admitted the Bulls occasioned by rally in the share price of MTN, Wapco and Insurance stocks among others.
The All Share Index appreciated by 0.23% to settle at 41,147.72 points from the previous close of 41,051.63 points. Investors gained N50 billion as Market Capitalisation increased by 0.23% to N21.525 trillion from the previous close of N21.475 trillion.
The Market Breadth closed positive as 55 equities emerged as gainers while 16 equities declined in their share prices.
Stocks to Watch
- Access Bank closed flat at N9.25. It is currently trading 15.14% away from its 52 weeks high of N10.9. At that, there is uptrend potential in the share price of Access Bank. With the book value of N19.12, Access Bank is considered cheap at the current share price of N9.25.
- FBN Holdings grew to N7.35 from N7.3. 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 of N7.35, shows that FBNH is cheap at the current price and has a lot of growth potential embedded in it.
- Zenith Bank grew to N26.3 from N26.2. It is trading 7.72% away from its 52 weeks high of N28.5. With the book value of N32.94, relative to the current share price of N26.30, Zenith Bank has a lot of uptrend potential.
- WAPCO grew to N26.5 from N24.5, setting a new record of 52 weeks high. Wapco has the capacity to grow its share price higher as it is on record that it has touched about N52 a few years back.
- UBA grew to N9.10 from N8.90. It is trading 7.14% away from its 52 weeks high of N9.8. With the book value of N19.16 as against its current share price of N9.10, UBA is considered cheap and has uptrend potential.
- Guaranty Trust Bank dropped to N33.05 from N33.75. It is trading 14.04% away from its 52 weeks high of N38.45, which suggest an uptrend potential for the share price of Guaranty Trust Bank.
Percentage Gainers
Mutual Benefit Assurance, Niger Insurance, Northern Nigeria Flour Mills (NNFM), Sovereign Trust Insurance, Deap Capital and Royal Exchange Assurance gained 10% to close at N0.55, N0.33, N8.0, N0.33, 0.22 and 0.44 respectively.
Livestock Feeds and BOC Gas among other gainers both grew their share prices by 9.98% to close at N2.80 and N15.12 respectively.
Percentage losers
Sunu Assurance and AXA Mansard led other price decliners as they shed 10% of their share prices to close at N0.90 and N1.53 respectively.
Japaul Gold and Afromedia Plc among other price decliners also shed their shares prices by 9.38% and 9.09% respectively.
Volume Drivers
- Mutual Benefit Assurance traded about 52.1 million units of its shares in 84 deals, valued at N28.65 million.
- Transcorp traded about 51.65 million units of its shares in 81 deals, valued at N66.12 million.
- Sterling Bank traded about 48.12 million units of its shares in 62 deals, valued at N94.297 million