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Nigerian Exchange dips further as Access Bank issues 5-year Senior Unsecured Note

Joseph Oyekanmi

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Nigerian Exchange up 1.4% this week

The Nigerian Exchange extended its downtrend to four consecutive trading sessions due to sell pressure on ZENITH, STANBIC, and ACCESS, despite the country’s largest lender by assets issuing 5-year Senior Unsecured Note. 

The NGX All-Share Index declined marginally by 0.01% to close at 39,201.33 points, YTD loss worsened to -2.7%, while market capitalisation fell by ₦1.7billion to ₦20.4 trillion.

The volume of equities traded fell by 1.0% to 350.5 million units while value traded rose by 4.5% to ₦3.3billion.

The most traded stocks by volume were FBNH (97.7m units), WEMABANK (74.9m units), and ACCESS (47.8m units) while FBNH (₦729.6m), NIGERIAN BREWERIES (₦486.8m), and ACCESS (₦451.2m) led by value.

The Oil & Gas index led the gainers, up 0.6% driven by sustained buying interest in OANDO (+3.1%). Likewise, the Consumer Goods and Banking indices rose by 14bps and 3bps respectively as a result of price appreciation in NIGERIAN BREWERIES (+1.3%), UBA (+4.7%), and GTCO (+0.2%). In contrast, the Insurance and Industrial Goods indices dipped 1.7% and 2bps respectively on the back of sell-offs in AIICO (-6.9%), CORNERST (-7.7%), and WAPCO (-0.4%).

CHAMS (+4.8%), UBA (+4.7%), and CUTIX (+4.6%) led the gainers while CORNERST (-7.7%), AIICO (-6.9%), and LEARNAFRCA (-5.6%) led the losers.

Meanwhile, Access Bank Plc notified the NGX of the authorization of its Joint Bookrunners and Financial Advisers to arrange a global investor call, in addition to a series of fixed income investor calls commencing on September 11, 2021, geared towards the issuance of a 5-year fixed rate USD-denominated Senior Unsecured Note under the Bank’s Global Medium Term Note Programme.

 

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