The equity market on Monday closed on a negative note as profit taking persist and investors move funds to take arbitrage position in forex.
The All Share Index closed lower by 0.21% to settle at 35,064.36 points from the previous close of 35,137.99 points. The market capitalisation closed at N18.327 trillion, down by 0.21% from the previous close of N18.365 trillion, thereby shedding N38 billion. Year to date, the market returned 30.63%.
An aggregate of 324.3 million units of shares were traded in 4,105 deals, valued at N3.19 billion.
The market breadth closed positive as 17 equities gained while 15 equities declined in their share prices.
Stocks to Watch
Discerning investors should take advantage of the ongoing market correction to take position in fundamentally sound stocks. Like we have always said and would continue to say, fundamentally sound stocks should always be at the back of the mind of every investors.
- Access Bank dropped to N8.50 from N8.55. The stock is currently trading 29.17% away from its 52 weeks high of N12. At that, there is growth potential in the share price of Access Bank.
- FBN Holdings closed flat at N7.1. 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 dropped to N23.7 from N23.95. It is trading 16.84% away from its 52 weeks high of N28.5.
- WAPCO dropped to N22.8 after several days of resistance at N23. It is trading 12.31% away from its 52 weeks high of N26, which implies an uptrend potential for the share price of the company.
- UBA grew to N8.25 from the previous close of N8.20. It is trading 15.82% away from its 52 weeks high of N9.8. There is growth potential in the share price of the bank.
- Guaranty Trust Bank dropped further to N33.15. It is trading 13.78% away from its 52 weeks high of N38.45, which suggest an uptrend potential for the share price of Guaranty Trust Bank.
Percentage Gainers
Livestock Feeds led other gainers with 9.92% growth to close at N1.33 from the previous close of N1.21.
Northern Nigeria Flour Mills (NNFM), FTN Cocoa Processors and Wapic Insurance among other gainers also grew their share prices by 9.90%, 6.90% and 5.00% respectively.
Percentage Losers
Transcorp Hotel led other price decliners as it shed 10% of its share price to close at N3.6 from the previous close of N4.
Ecobank and NPF Microfinance Bank among other price decliners also shed their share prices by 8.47% and 5.06% respectively.
Volume Drivers
- UBA traded about 89.12 million units of its shares in 156 deals, valued at N730.83 million.
- FBN Holding traded about 49.55 million units of its shares in 315 deals, valued at N354.75 million.
- Access Bank traded about 27.57 million units of its shares in 223 deals, valued at N235.98 million.