Access Bank launches $500m Eurobond as MTNN buoys positive performance at stock market

Access Bank has announced on the floor of the Nigerian Stock market the successful launch of its $500 million senior unsecured Eurobond. The offering achieved the lowest Nigerian Bank Eurobond coupon outstanding with an oversubscription of 3x ($1.6bn), which represents the largest order book ever for a Nigerian bank Eurobond transaction.

Meanwhile at today trading the local bourse sustained earlier gains, due to buying interest in MTNN (+1.5%), GTCO (+0.7%), and FBNH (+1.3%). Consequently, the NGX All-Share Index rose 12bps to close at 38,968.34 points, YTD loss improved to -3.2% while market capitalisation advanced ₦24.9bn to ₦20.3tn. Trading activity was mixed as volume declined 38.1% to 141.4m units while value traded rose 58.3% to ₦3.0bn. The most traded stocks by volume were UNIVINSURE (17.9m units), ZENITH (9.7m units), and UCAP (9.3m units) while MTNN (₦1.0bn), NESTLE (₦703.5m), and SEPLAT (₦471.9m) led by value.

Performance was mixed across sectors under our coverage as 3 indices lost, 1 gained, while the Consumer and Industrial Goods indices closed flat. The Oil & Gas index led the laggards, down 2.0% due to price depreciation in SEPLAT (-6.5%). Similarly, the Insurance and Banking indices dipped 1.2% and 0.4% respectively on the back of sell-offs in AIICO (-2.0%), REGALINS (-6.7%), and FIDELITY (-1.2%). Meanwhile, the AFR-ICT index was the lone gainer, up 0.8% due to bargain hunting in MTNN (+1.5%).

Investor Sentiment Strengthens

Investor sentiment, as measured by market breadth (advance/decline ratio), strengthened to 0.7x from 0.6x as 13 stocks advanced while 18 stocks declined. NNFM (+9.6%), OANDO (+6.2%), and LEARNAFRCA (+5.9%) led the gainers while TRANSCOHOT (-10.0%), CHIPLC (-9.4%), and PRESTIGE (-8.3%) led the laggards. 

Market Statistics for Wednesday, 15th September 2021