The Nigerian stock market on Wednesday continued its bulls run from where it started from yesterday as it recovered from a stretched downtrend. The recovery is triggered by the positive sentiment arising from impressive full year earnings and dividend declarations by quoted companies.
The All Share Index grew by 0.14% to settle at 40,221.30 points from the previous close of 40,164.86 points. Investors gained N30 billion as Market Capitalisation closed at N21.044 trillion from the previous close of N21.014 trillion.
An aggregate of 469.56 million units of shares were traded in 5,470 deals, valued at N7.08 billion.
The Market Breadth closed firm as 20 equities emerged as gainers against 24 equities that declined in their share prices.
Stocks to Watch
- Access Bank grew to N8.50 from N8.35. It is trading 19.05% 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 grew to N7.40 from N7.30. It is trading 17.78% 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 grew to N26.3 from N26. It is trading 7.72% away from its 52 weeks high of N28.5. The financial giant 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. At the share price of N26.30, dividend yield for Zenith Bank stands at 10.27%.
- UBA grew to N8.55 from N8.50. It is trading 12.76% 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 N31.05 from N30.75. It is trading 19.25% away from its 52 weeks high of N38.45 and this implies an uptrend potential for the bank.
Percentage Gainers
Oando led other gainers with 10% growth to close at N3.41 from the previous close of N3.1.
ABC Transport, Japaul Gold and Royal Exchange Assurance among other gainers also grew their share prices by 9.37%, 9.23% and 8.70% respectively.
Percentage losers
LASACO led other price decliners as it shed 9.49% of its share price to close at N1.24 from the previous close of N1.27.
Consolidated Hallmark Insurance, Cornerstone Insurance and Flour Mills among other price decliners also shed their share prices by 8.33%, 7.81% and 6.94% respectively.
Volume Drivers
- Zenith Bank traded about 154.62 million units of its shares in 1,013 deals, valued at N4.098 billion.
- Guaranty Trust Bank traded about 48.796 million units of its shares in 506 deals, valued at N1.526 billion.
- FBN Holdings traded about 25.27 million units of its shares in 250 deals, valued at N185.62 million.