The Nigerian equity market on Thursday continued its downtrend as profit taking persist by investors.
The All Share Index depreciated by 0.63% to settle at 40,212.19 points from the previous close of 40,465.32 points. Market Capitalisation closed at N21.037 trillion, down by 0.62% from the previous close of N21.169 trillion, thereby shedding N132 billion.
An aggregate of 426.27 million units of shares were traded in 4,972 deals, valued at N4.75 billion.
The Market Breadth closed negative as 10 equities emerged as gainers against 30 equities that declined in their share prices.
Stocks to Watch
- Access Bank dropped to N8.1 from N8.3. It is trading 22.86% 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 dropped to N24.1 from N25. It is trading 15.44% 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 dropped to N8.00 from N8.40. It is trading 18.37% 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 dropped to N30.30 from N30.90. It is trading 21.2% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
Percentage Gainers
RT Briscoe led other gainers with 10% growth, closing at N0.22 from the previous close of N0.20.
Cornerstone Insurance and Royal Exchange Assurance among other gainers also grew their share prices by 8.47% and 8.00% respectively.
Percentage losers
University Press led other price decliners as it shed 9.09% of its share price to close at N1.2 from the previous close of N1.32.
Chams Plc and UDPC Real Estate Investment & Trust among other price decliners also shed their share prices by 8.33% and 7.76% respectively.
Volume Drivers
- FBN Holdings traded about 129.8 million units of its shares in 273 deals, valued at N949.3 million.
- Zenith Bank traded about 37.74 million units of its shares in 624 deals, valued at N912 million.
- Dangote Sugar traded about 37.13 million units of its shares in 244 deals, valued at N688.39 million.