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
