Access Bank Market Cap Dips N14.218bn As Conoil Jumps 9.84% On NGX
The Market Capitalisation of Access Bank Plc dipped 4.44 per cent indicating a drop of N14.218 billion after a two-day-trading at the Nigerian Exchange Limited (NGX).
Access’ market capitalisation stood at N319.907 billion on Monday but fell to N305.688 billion at the end of trading on Wednesday, losing N14.218 billion. The lender’s share price also shed N0. 40 kobo or 4 .44 per cent, to close at N8. 60 kobo per share down from N9 per share on the NGX.
Unlike Access, the market capitalisation of Con-Oil which represents its total equity on the NGX rose by N1.526 billion or 9.84 per cent, to stand at N17.036 billion, up from N15.509 billion.
During a single trade on the Nigerian Bourse on Wednesday, the bank’s market capitalisation also declined by N10.663 billion or 3.37 per cent from N316.352 billion to N305.688 billion. Also its share price dropped from N8.90 kobo per share to N8.60 kobo per share.
The financial institution traded a total of 7,784,112.00 shares worth N67.762 million, while its outstanding shares remain at 35,545,225,622.00.
Further checks revealed that at its peak in one year, Access Bank’s shares went as high as N10.50 kobo per shares, while N6. 25 kobo per share was the lowest it traded under the same period in review.
The drop in the bank’s shares is coming barely one week after Access Bank Plc announced the launch of a $500 million Senior Unsecured Eurobond, under its $1.5 billion Global Medium-Term Note Programme.
The bank stated that the net proceeds from the Eurobond subscription would be used to provide medium-term funding and boost the capacity of tier -1 financial institutions. . Access Bank said the offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by over three times oversubscribed order book of over US$1.6 billion, which represents the largest order book ever for a Nigerian bank Eurobond transaction, according to Sunday Ekwochi, the Company Secretary..
On the NGX however, Conoil Plc saw its share rise astronomically during Wednesday’s trading session on the NGX, jumping by 9.84 per cent.
Shares of the Oil and Gas firm gained N2.20 representing 9.84 per cent to close at N24.55 kobo per share up from N22.35 kobo per share.
