Access Holdings Slips, Drives 50.54% of Shares Traded on NGX

Access Holdings Slips, Drives 50.54% of Shares Traded on NGX

Access Holdings Plc market value slipped slightly following huge trading volume on the Nigerian Exchange (NGX) on Monday, according to data from the local bourse.

The non-operating holding company of Access Bank fell to N30.45 at the close of the trading session, down 16 basis points amid heavy trading activity among investors.

The financial services company’s share price eased as 440.652 million units of the group’s outstanding shares, valued at N13.229 billion, were traded on Monday.

Access Holdings’ shareholders’ holding period has often been shorter than peers’, and high volume rarely moves the needle due to a poor dividend track record —the downside impact of inorganic growth pursued over the years.

Stock market analysts said the transaction appears to be a block trade executed in a negotiated deal, which reduces the impact of such a large volume on price movements.

Based on trading data, Ticker: ACCESSCORP drove volume on the Exchange, accounting for 50.54% of all shares traded in the local bourse.

As expected, ACCESSCORP led the value chart, accounting for 32.43% of the total value of shares transacted in the Nigerian stock market.

At the close of the trading session, the market value of Access Holdings Plc’s 54.375 billion outstanding shares dipped to N1.655 trillion, 15.42% below its 52-week high.

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