MAR 22, 2019: NIGERIA: NON STOP ACCESS BANK OFFLOAD

All through the week ended Friday, March 22, 2019, it was non- stop daily offload of Access Bank shares at the Nigerian Stock Exchange following the confirmation of its merger with Diamond Bank.

Apparently, some shareholders did not want to be part of the merger and they offloaded their holdings daily as a result, out of every 3 shares traded at the market within the week, 1 was that of Access Bank.

In all, through the week it paced daily traded volume ending with some 416.843m of its shares exchanged out of 1,197.546m shares traded in the market within the same week.

Fortunately, as they offloaded, so other investors were ready to buy as well. So much so that each day, for the first time ever, Access Bank recorded highest number of deals without fail.

It ended the week with a total of 3065 deals that is, 16.8% of total 18,286 deals struck in the market within the 5 trading days.

On Thursday investors interest was at peak with 744 deals sealed for top 93.47m of its shares offloaded followed by Tuesday with 712 deals but it was on Friday peak offload of 98.927m of the shares occurred and taken in its 499 deals week low.

However, it was only on Wednesday Access Bank was able to dominate all trading indicators ending top gain per share in addition to top traded volume, traded value and number of deals. On Friday, it also recorded top traded value but no where near any top price change

On Friday, the market recovered from 4 days down as the All share index closed up 0.82% to 31,139.35 which represents  final 3.37 points decline on previous week's closing 31142.72.

The index shrunk by 0.06% on Monday, 0.14% on Tuesday; 0.13% on Wednesday and by 0.5% to close Thursday at week low of 30,855.31.

It was a day price gains and drops were 21 each making it clear that the ASI closed up due to price change impact on market capitalisation alone, nothing to do with overwhelming clusters.

International Breweries paced price gains with N1.95 or 8.11% per share gain as it found and closed at N26 per share compared to N24.05 previously while recording 14 deals for 0.784m shares worth N20.398m.

But it appears 2 other price gainers immediately on its trail had more impact on the market capitalisation and hence ASI rally.

Dangote Cement added N1.6 per share as 55 deals through which 0.363m of its shares were exchanged for N68.783m were struck and Guaranty Trust Bank closed N1.35 or 3.73% per share up in 142 deals for 3rd highest 15.851m shares valued at N589.50m.

On the price losers side, Total Nigeria set the pace with N4 or 2% decline per share again simply by finding and closing at N196 per share as against N200 previously while witnessing just 8 deals for 0.011m shares worth N2.343m.

There were 2 other major price losers: Cadbury Nigeria shed N1.1 or 10% per share in 35 deals for 0.494m shares worth N5.228m and Okomu Oil & Palm lost N1 or 1.25% per share while its  0.358m shares were exchanged for N28.566m in 27 deals.


Comments

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more