The equity market on Tuesday reversed the gains of yesterday and readmitted the Bears occasioned by profit taking at the backdrop of dividend declarations below market expectation by quoted firms.
The All Share Index depreciated by 1.80% to settle at 38,686.85 points from the previous close of 39,396.57 points. The Market Capitalisation closed at N20.241 trillion, down by 1.8% from the previous close of N20.612 trillion, thereby shedding N371 billion.
An aggregate of 489.98 million units of shares were traded in 4,616 deals, valued at N6.65 billion.
The Market Breadth closed positive as 15 equities emerged as gainers against 21 equities that declined in their share prices.
Stocks to Watch
- Access Bank dropped to N7.8 from N8. It is trading 25.71% 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 N7.35 from N7.30. 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 N21.6 from N22.2. It is trading 24.21% away from its 52 weeks high of N28.5. There is uptrend potential of 12.63% in the share price of Zenith Bank.
- UBA dropped to N7.2 from N8.00. It is trading 26.53% 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 N31 from N31.05. It is trading 19.38% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
- WAPCO dropped to N22.5 from N23.9. It is trading 28.57% 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
Champion Breweries led other gainers with 9.78% growth to close at N2.02 from the previous close of N1.84.
Neimeth Pharmaceuticals, Mutual Benefit Assurance and Dangote Sugar among other gainers also grew their share prices by 9.71%, 8.11% and 7.99% respectively.
Percentage losers
UBA led other price decliners as it shed 10% of its share price to close at N7.2 from the previous close of N8.00.
Caverton and Northern Nigerian Flour Mills (NNFM) among other price decliners also shed their share prices by 9.55% and 9.52% respectively.
Volume Drivers
- UBA traded about 122.62 million units of its shares in 507 deals, valued at N882.95 million.
- Mutual Benefit Assurance traded about 57.74 million units of its shares in 21 deals, valued at N23 million.
- FBN Holdings traded about 45 million units of its shares in 258 deals, valued at N323.77 million.