Home Finance Access to acquire 51% in Finibanco an Angola bank

Access to acquire 51% in Finibanco an Angola bank

by Business News Report

Access Corporation said at the floor of Nigeria Exchange Limited that it had entered into a binding agreement with Montepio Holding SGPS to acquire a 51.0% majority equity stake in Finibanco Angola S.A— a commercial bank with over 20 branches and $300.0m in total assets in Angola. This is in line with the Bank’s strategy to be Africa’s payment gateway to the world.

Meanwhile, the stock market closed on a bearish note as losses in ZENITH (-1.6%), GTCO (-1.7%), and WEMA (-6.4%) dragged the ASI lower by 0.1% to 48,836.70 points. Accordingly, YTD return moderated to 14.3% (previously: 14.4%) while market capitalisation shed ₦226.6bn to ₦26.6tn. Activity level dampened as volume and value traded fell 26.8% and 46.3% respectively to 127.0m units and ₦1.3bn.

Across sectors within our purview, performance was bearish as 3 indices lost, 1 gained while the AFR-ICT and Industrial Goods indices closed flat. The Banking and Oil & Gas indices dipped 1.0% and 0.3% respectively following sell-offs in ZENITH (-1.6%), WEMA (-6.4%), and OANDO (- 1.7%). Trailing, the Consumer Goods index fell 0.2% due to sell pressure on PZ (-9.2%) and CARDBURY (-9.9%). On the flip side, the Insurance index appreciated by 0.2% due to buy interest in AIICO (+3.6%) and CHIPLC(+7.6%).

Investor sentiment, as measured by market breadth, remained unchanged at -0.13x as 12 stocks advanced, 22 declined while 76 closed flat. We anticipate a negative outing in the next trading session in the absence of positive triggers.

Market Cap (₦’bn)                                    26,600.04

Market Cap ($’bn)                                            60.80

NGX All-Share Index                                48,836.70

Daily Performance %                                        -0.10

WTD Performance %                                        -0.40

MTD Performance %                                         -0.40

QTD Performance %                                          -0.40

YTD Performance %                                          14.30

Daily Volume                                                    127.00                                            

Daily Value (₦’bn)                                                1.30

Daily Value ($’m)                                                  2.90                                         

Sectoral Indices Performance

NGX 30                                                                 -0.20                             

NGX BANKING INDEX                                      -1.00                                     

NGX INSURANCE INDEX                                   0.20                            

NGX CONSUMER GOODS INDEX                    -0.20

NGX OIL/GAS                                                          -0.30                                             

NGX LII                                                                      0.00          

NGX INDUSTRIAL GOODS INDEX                       0.00           

NGX-AseM                                                                 0.00

Related Posts