Access Holdings Posts Descent Gain amidst Earnings Expectation
In the bull market, Access Holdings Plc saw a spike in its share price as investors queued behind the largest banking name in the Nigerian financial services industry ahead of earnings release.
The Nigerian equities market continued its upward trend, with the All-Share Index (ASI) climbing 138 basis points week-over-week and exceeding the 105,000-point mark.
“If it is okay, an investor would have comfortably made a 7% return on investment in a week if Access Plc was purchased at N26, and it then closed at N28 in five trading sessions in the stock market.”.
Stock data screened by MarketForces Africa showed that Access Holdings Plc posted a descent weekly gain totaling N106.64 billion in the equities market as investors ramped up shares.
Its market price has inched near a record high of N28.15 in 52 weeks as value hunters increased positions in the financial stocks.
The buying interest spurred the group’s market value to near N1.5 trillion ahead of the 2024 earnings release; analysts expect the group’s profit to climb strongly year on year due to the high interest rate environment.
The huge volume traded experienced in the local bourse lifted share price to N28 on Friday, from opening price of N26 in the same week after more than 23.6 million volumes valued at N657.663 million were traded on Friday.
The latest unusual volume trading pattern came as investors anticipate a dividend declaration will follow Access Holdings earnings release. Market value of Access Plc increased by 9% in January due to a rally.
Reflecting healthy liquidity, more than 15 million shares of Access Bank were traded at the beginning of last week. Also, 9.8 million shares were transacted on Tuesday, 473 million on Wednesday, and 61 million on Thursday.
On Friday, Access Holdings Plc’s worth increased to N1.492 trillion on the Nigerian Exchange. Access Bank increased its capital base above the target set by the CBN ahead of the deadline due to its oversubscription rights issue offer to shareholders.
In a regulatory filing, the financial services group announced the successful completion of its rights issue, raising a total of N351.009 billion from the issuance of 17,772,612,811 ordinary shares at a subscription price of N19.75 Kobo per share. CBN Opens FX Window for BDC to Stock up at NFEM Rate
