The equity market on Tuesday readmitted the Bears as rates in the bond market keep improving, which of course would attract more investors from the equity market to move their funds to the fixed income space.
The All Share Index depreciated by 0.58% to close at to settle at 39,697.62 points from the previous close of 39,931.63 points. The market capitalization closed at N20.770 trillion, down by 0.59% from the previous close of N20.892 trillion, thereby shedding N122 billion.
An aggregate of 222.57 million units of shares were traded in 4,470 deals, valued at N5.39 billion.
The Market Breadth closed negative as 17 equities emerged as gainers against 26 equities that declined in their share prices.
Stocks to Watch
- Access Bank dropped to N8.1 from N8.15. 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 N7.1. 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. 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 N25.65 from N25.80. It is trading 10% away from its 52 weeks high of N28.5. Zenith declared a final dividend of N2.70 per share to its shareholders, which in addition to the 30 kobo per share as interim dividend amounts to N3.00 per share.
- UBA dropped to N8.20 from N8.35. It is trading 16.33% 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 grew to N31.5 from N31. It is trading 18.08% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
Percentage Gainers
Academy Press led other gainers with 9.76% growth to close at N0.45 from the previous close of N0.41. This is followed by PZ as its share price grew by 9.38% to close at N5.25 from the previous close of N4.8.
Royal Exchange Assurance and Beta Glass among other gainers both grew their share prices by 8.00% respectively.
Percentage losers
Mutual Benefit Assurance led other price decliners as it shed 10% of its share price to close at N0.36 from the previous close of N0.40.
Ardova Plc and Champion Breweries among other price decliners also shed their share prices by 9.97% and 9.69% respectively.
Volume Drivers
- Zenith Bank traded about 48.1 million units of its shares in 679 deals, valued at NN1.24 billion.
- UCAP traded about 20.2 million units of its shares in 367 deals, valued at N121.97 million.
- Mutual Benefit Assurance traded about 19.4 million units of its shares in 43 deals, valued at N7.2 million.