NSE

Adebayo Obajemu

The market last week closed on a bearish note, occasioned by profit taking and price reversal in the share prices of Insurance stocks. The All Share Index and Market Capitalization depreciated by 0.42% and 0.38% to close the week at 41,001.99 and N21.449 trillion respectively. Year to date, the market has returned 1.82%.

An aggregate of 4.288 billion units of shares, valued at N25.989 billion in 32,849 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 3.447 billion shares valued at N32.725 billion that exchanged hands the previous week in 30,327 deals.

The Financial Services Industry led the activity chart with 2.607 billion shares valued at N12.454 billion traded in 15,128 deals; thus contributing 60.81% and 47.92% to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 813.813 million shares worth N1.561 billion in 2,417 deals. The third place was Oil and Gas Industry, with a turnover of 212.126 million shares worth N821.978 million in 2,726 deals.

Trading in the top three equities namely Transnational Corporation of Nigeria, Living Trust Mortgage Bank Plc and Japaul Gold and Ventures Plc accounted for 1.582 billion shares worth N1.564 billion in 2,726 deals, contributing 36.9% and 6.02% to the total equity turnover volume and value respectively.

Similarly, all other indices finished lower with the exception of NSE MERI Growth which appreciated by 0.12% while the NSE ASeM and NSE Growth Indices closed flat.

Fifty-three (53) equities appreciated in price during the week, lower than sixty (60) equities in the previous week. Twenty-nine (29) equities depreciated in price, higher than nineteen (19) equities in the previous week, while seventy-nine (79) equities remained unchanged, lower than eighty-two (82) recorded in the previous week.

Stocks to Watch

Access Bank dropped to N9.15 from N9.25. It is currently trading 16.06% away from its 52 weeks high of N10.9. At that, there is uptrend potential in the share price of Access Bank. With the book value of N19.12, Access Bank is considered cheap at the current share price of N9.15.
FBN Holdings closed flat at N7.35. It is trading 18.33% 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 of N7.35, shows that FBNH is cheap at the current price and has a lot of growth potential embedded in it.
Zenith Bank grew to N26.50 from N26.45. It is trading 7.02% away from its 52 weeks high of N28.5. With the book value of N32.94, relative to the current share price of N26.50, Zenith Bank has a lot of uptrend potential.
WAPCO dropped to N26 from N27.95. It is trading 6.98% away from its 52 weeks high of N27.95. There is uptrend potential in Wapco as records have it that it has touched about N52 a few years back.
UBA dropped to N8.7 from N8.95. It is trading 11.22% away from its 52 weeks high of N9.8. With the book value of N19.16 as against its current share price of N8.7, UBA is considered cheap and has uptrend potential.
Guaranty Trust Bank grew to N33.1 from N33. It is trading 13.91% away from its 52 weeks high of N38.45, which suggest an uptrend potential for the share price of Guaranty Trust Bank.