The Nigerian stock market started the month of April on a bearish note amidst low trading volume and deals. The market closed the first quarter on a negative note as it returned -3.04% as at 31st of March 2021. Year to date, the market has returned -3.36%. The second quarter of the year is expected to have a better performance than the first quarter as most quoted companies that released their full year earnings declared impressive dividend to shareholders.
The All Share Index on Thursday depreciated by 0.33% to settle at 38,916.74 points from the previous close of 39,045.13 points. The market capitalization declined by 0.33% to close at N20.361 trillion from the previous close of N20.429 trillion, thereby shedding N68 billion.
An aggregate of 239.42 million units of shares were traded in 4,450 deals, valued at N2.32 billion.
The Market Breadth closed positive as 27 equities emerged as gainers against 12 equities that declined in their share prices.
Stocks to Watch
- Access Bank grew to N8.1 from N8. 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 N7.25. It is trading 19.44% 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 N22.1 from N22.55. It is trading 22.46% away from its 52 weeks high of N28.5. There is uptrend potential of 21.05% in the share price of Zenith Bank. With the book value of N35.59 relative to the current share price, Zenith Bank is considered cheap.
- UBA traded flat at N7.05. It is trading 28.06% 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 N29.95 from N30.15. It is trading 22.1% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
- Lafarge Africa (WAPCO) dropped to N21.65 from N22.1. It is trading 31.27% away from its 52 weeks high of N31.5. There is uptrend potential of 30% in the share price of Wapco.
Percentage Gainers
Royal Exchange Assurance and UACN led other gainers with 10% growth to close at N0.33 and N9.9 respectively.
Japaul Gold and Cutix Plc among other gainers also grew their share prices by 9.76% and 9.31% respectively.
Percentage losers
FTN Cocoa led other price decliners as it sheds 8.70% of its share price to close at N0.42 from the previous close of N0.46.
NEM Insurance and Unity Bank among other price decliners also shed their share prices by 7.39% and 6.67% respectively.
Volume Drivers
- UACN traded about 37.37 million units of its shares in 70 deals, valued at N370 million.
- Transcorp Plc traded about 25.91 million units of its shares in 90 deals, valued at N20.88 million
- Fidelity Bank traded about 12.6 million units of its shares in 204 deals, valued at N31.45 million.