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ACCESS Bank share price bucks bearish trend, gains 23.49% in 7 days

Access Bank Plc (www.accessbankplc) share price bucked the bearish trend in the stock market last week to gain about 23.5% in 7-trading days.

On Friday, the stock price reached a new high, as analysts observed that the market is pricing new information into the stock price.

The bank’s share price  followed an uptrend throughout the last 7 trading days, having broken the resistance point to something around N9.20 kobo.

In October 31st, the share closed at N7.45 but after the management analysts’ earnings conference call, the share moved north consistently.

At the market cap of N327.016 billion on share outstanding of 35,545,225,622, the stock traded at N9.20 on Friday thereby resulted to a calculated return of 41.54% year to date.

Market data shows that the bank share at the beginning of the year was N6.80 and the lowest had been N5.30.

Buy on the rumour, sell on the news; the fact remains that Access Bank share price broke resistance point to hit the roof, analysts think the acquisition of Kenya triggered the movement.

Equity analysts told MarketForces that combination of its recent African Strategy effects plus strong earnings release seem to account for the uptrend.

Analysts said this is what the market is waiting for since merger deal scale through; increased performance is what happened when two good assets come together.

After acquisition of Kenyan Bank, the group said it would expand into four African countries in 2020.