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

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

by Business News Report

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 

Market Cap (N’bn)20,303.1
Market Cap (US$’bn)49.4
NSE All-Share Index38,968.34
Daily Performance %0.1
WTD Performance %0.1
MTD Performance %(0.6)
QTD Performance %2.8
YTD Performance %(3.2)
Daily Volume (Million)141.4
Daily Value (N’bn)3.0
Daily Value (US$’m)7.2

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