The equity market on Wednesday closed on a negative note, occasioned by loss in the share price of MTN by 2.91% among other price decliners.
The All Share Index depreciated by 0.57% to settle at 39,045.13 points from the previous close of 39,267.11 points. The Market Capitalisation depreciated by 0.56% to N20.429 trillion from the previous close of N20.545 trillion, thereby shedding N116 billion.
An aggregate of 347.17 million units of shares were traded in 3,990 deals, valued at N2.8 billion.
The Market Breadth closed negative as 18 equities emerged as gainers against 24 equities that declined in their share prices.
Stocks to Watch
- Access Bank dropped to N8 from N8.30. It is trading 23.81% 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 N22.55 from N22.6. It is trading 20.88% 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 dropped to N7.05 from N7.2. 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 N32.85 from N33. It is trading 14.56% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
- Lafarge Africa (WAPCO) dropped to N22.1 from N22.25. It is trading 29.84% away from its 52 weeks high of N31.5. There is uptrend potential of 30% in the share price of Wapco.
Percentage Gainers
Linkage Assurance led other gainers with 10% growth to close at N0.66 from the previous close of N0.60.
Meyer Plc and Prestige Assurance among other gainers also grew their share prices by 9.76% respectively.
Percentage losers
DAAR Communications led other price decliners as it sheds 8.70% of its share price to close at N0.21 from the previous close of N0.23.
Wema Bank, University Press and UAC Property among other price decliners also shed their share prices by 8.07%, 7.76% and 7.23% respectively.
Volume Drivers
- Wema Bank traded about 94.05 million units of its shares in 50 deals, valued at N53.37 million.
- Union Bank traded about 78.91 million units of its shares in 37 deals, valued at N418.2 million
- Zenith Bank traded about 22.14 million units of its shares in 370 deals, valued at N500.2 million.