Access Holdings Slides Ahead of Anticipated Earnings Release
Access Holdings Plc’s market value declined to N1.38 trillion as investors’ sentiment remained downbeat ahead of the earnings release. The market anticipates the financial services company’s earnings scorecards will be released after Zenith Bank and UBA half-year results are published.
Last week, Access Holdings lost about N48 billion as investors exited positions with a significant volume recorded throughout the week. Trading data from the Nigerian Exchange revealed that Nigeria’s largest bank share price fell to N25.90 on huge trading volume driven by sell-side investors.
Its share price fluctuated between N25.90 and N27.1, though huge trading volumes were recorded throughout the trading sessions that lasted for five days.
Market analysts explained that high trading volume and persistent price slump suggest investors’ eagerness to sell down interest in the group.
“This signifies that more market participants are eager to sell their shares at the current price than to buy it, leading to an acceleration of the downward trend.”
Access Plc share price fell to N25.90 as 29.413 million units valued at N765.239 million were traded in the local bourse on Friday. The bank share ranked among the most volatile versus Tier-1 rivals with one of the lowest year-to-date return.
The financial services company’s 53.317 billion shares outstanding were valued at N1.38 trillion on Friday, down by N47.986 billion week on week. The biggest bank currently attracts the lowest valuation versus GTCO, Zenith Bank and UBA.
Access and First Holdco occasionally switched fourth position rank based on stock market direction. The counter is trading at a 10.5% discount to its highest valuation it attained in the last 52 weeks on the Nigerian Exchange platform. #Access Holdings Slides Ahead of Anticipated Earnings Release#
