By Chinwendu Obienyi
Following the listing of its shares, investigations reveal that investors’ appetite for AccessCorp stocks on the floor of the Nigerian Exchange Limited (NGX) has increased in three trading sessions.
The NGX, had on Monday, lifted the suspension of trading earlier placed on Access Bank Plc shares in preparation for the Access Holdings Plc’s (AccessCorp) listing. Furthermore, the bank revealed to newsmen that its Holdco activities will commence by the end of the half year (H1) of 2022.
According to the bank, the company will consist of four subsidiaries designed to tap into the market opportunities in: regulated banking (Access Bank); consumer lending (Grow Microfinance Bank Limited); electronic payments (The Payment Services Company Limited); and retail insurance (Access Insurance Brokers Limited).
Daily Sun investigations reveal that since then, the value of AccessCorp shares has risen by N756.83 million while its volume sold so far currently stands at 75.21 million shares. Commenting on the development, Senior Analyst at Coronation Research, Ope Ani, said “We welcome this development at a time when competitive pressures are intensifying in the traditional banking space, and banks need to find new revenue streams and value in new opportunities.
A holding company model in this environment is a tried and tested route for Nigerian banks to explore earnings growth outside of the challenging banking sector. It also provides scope for investors to value the group on a sum-of-the-parts basis and give management room to explore cross-selling opportunities across a large group”.
Meanwhile, the nation’s bourse recorded its first gain of the trading week as its All-Share index (ASI) gained 0.13 per cent to close at 46,904.48 points, ending two consecutive sessions of losses.
Telco heavyweight, MTNN (+1.45 per cent) was the primary driver of the overall market’s performance.