The Bulls returned to the market last week as we saw positive vibrations for five straight days, occasioned by the rally in the share price of heavy weight stocks including Dangote Cement, Airtel Africa, MTN and Nestle.
The All-Share Index and Market Capitalization appreciated by 7.46% to close the week at 36,804.75 and N19.236 trillion respectively.
An aggregate of 1.893 billion units of shares, valued at N17.647 billion in 20,660 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 2.265 billion shares valued at N20.990 billion that exchanged hands the previous week in 23,722 deals.
The Financial Services industry led the activity chart with 1.489 billion shares valued at N8.385 billion traded in 10,834 deals; thus contributing 78.65% and 47.52% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 106.986 million shares worth N2.360 billion in 3,447 deals. The third place was Services Industry, with a turnover of 74.754 million shares worth N191.833 million in 448 deals.
Trading in the top three equities namely Jaiz Bank Plc, FBN Holdings Plc and Niger Insurance Plc accounted for 761.866 million shares worth N1.468 billion in 1,395 deals, contributing 40.25% and 8.32% to the total equity turnover volume and value respectively.
Similarly, all other indices finished higher while the NSE ASeM and NSE Growth Indices closed flat
Fifty- three (53) equities appreciated in price during the week, higher than thirteen (13) equities in the previous week. Seventeen (17) equities depreciated in price, lower than forty-six (46) equities in the previous week, while ninety-one (91) equities remained unchanged, lower than one hundred and two (102) recorded in the previous week.
Stocks to Watch
We have always advised investors to take position in fundamentally sound stocks. We need to continue to look at stocks that will continue to pay good dividend, such that, if you miss capital appreciation, you will be compensated by good dividend. Fourth Quarter (Q4) result is around the corner, investors should consider stocks that are going to have good dividend yield.
- Access Bank grew to N8.40 from N8.35. The stock is currently trading 30% away from its 52 weeks high of N12. At that, there is uptrend potential in the share price of Access Bank.
- FBN Holdings grew to N7.1 from N7.00. It is trading 21.11% away from its 52 weeks high of N9 which implies an uptrend potential for the share price of the big elephant.
- Zenith Bank grew to N24.8 from N24.75. It is trading 12.98% away from its 52 weeks high of N28.5.
- WAPCO grew to N22 from N21.9. It is trading 15.38% away from its 52 weeks high of N26, which implies an uptrend potential for the share price of the company.
- UBA closed flat at N8.30. It is trading 15.31% away from its 52 weeks high of N9.8. There is growth potential in the share price of the bank.
- Guaranty Trust Bank closed flat at N33.75. It is trading 12.22% away from its 52 weeks high of N38.45, which suggest an uptrend potential for the share price of Guaranty Trust Bank.