Tuesday, September 26, 2023
  • About
  • Advertise
  • Careers
  • Contact
-18 °c
Drum Africa News
Advertisement
  • Home
  • Business
  • Entrepreneurship
  • Tech
  • Lifestyle
  • Sports
  • Opinion
  • Election Watch
No Result
View All Result
  • Home
  • Business
  • Entrepreneurship
  • Tech
  • Lifestyle
  • Sports
  • Opinion
  • Election Watch
No Result
View All Result
Drum Africa News
No Result
View All Result
Home Business

Access Bank loses as investors sell shares

Drum Africa News by Drum Africa News
December 19, 2018
in Business, News
56
0
197
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Access Bank Plc emerged the biggest loser at the end of trading on the Nigerian Stock Exchange on Tuesday 18 December 2018 as some investors sold off their shares. The bank recorded a 5.52 per cent decline in its share price as it fell to N7.70 on Tuesday from the N8.15 recorded on Monday. Following an announcement on Monday confirming its proposed merger with Diamond Bank Plc., Access Bank’s share price gained 9.40 per cent that day to close at N8.15 from N7.45 on Friday. However, the gain recorded on Monday was pared on Tuesday as the bank’s share price fell, while the volume of trade increased by 63.11 per cent to 22.2 million units from 13.6 million units on Monday. On the other hand, Diamond Bank’s share price increased further, gaining 9.62 per cent to close at N1.14 per share on Tuesday. Investors reacted to the news of the proposed merger, leading Diamond Bank to emerge the highest gainer on Monday as its share price gained 9.47 per cent to close at N1.04 from the 95 kobo recorded on Friday. According to our findings, the losses recorded by Access Bank were due to the sell-off and profit-taking witnessed in its shares. The Managing Director, Afrinvest Securities Limited, Ayodeji Ebo, said a lot of investors sold off their shares in Access Bank because they might not see gains in a long time.

He said, “In actual fact, the impact of the acquisition will not come into play until the last quarter of 2019. If you are not a very long-term investor, it will not transfer to capital gains. That is why people sold off their shares in Access Bank today. Yesterday, before investors did their proper analysis, the share price gained almost 10 per cent. So, what happened today was just the shedding of the gains recorded on Monday. We have a lot of investors that are sceptical about the shares in Diamond Bank too, because a consideration price has been agreed on, which may be reviewed, as we saw in the case of Access Bank’s acquisition of Intercontinental Bank.”

Tags: Access BankBusinessCBNDiamond BankDrum AfricaHerbert WigweNSEShares
Previous Post

BREAKING: Nigeria’s Ex-Defence Chief, Alex Badeh Shot Dead

Next Post

President Buhari declines another bill

Related Posts

YPP Deputy Governorship Candidate, Dr. Chima Anyaso Congratulates Rep. Benjamin Kalu
National

YPP Deputy Governorship Candidate, Dr. Chima Anyaso Congratulates Rep. Benjamin Kalu

February 27, 2023
Hope for Young Entrepreneurs as Rep. Benjamin Kalu’s Bill to Establish the Entrepreneurship Development Bank passes Second Reading
National

Hope for Young Entrepreneurs as Rep. Benjamin Kalu’s Bill to Establish the Entrepreneurship Development Bank passes Second Reading

August 11, 2022
Ben Kalu
Health

CORONAVIRUS: Rep. Benjamin Kalu announces Stimulus Package for Bende Federal Constituency

March 28, 2020
Next Post

President Buhari declines another bill

[jnews_footer_social compatible_column_notice="" icon_background="#e0e0e0" icon_text_color="#666" icon_hover_background="#fcb11e" icon_text_hover_color="#191818"]

Categories

  • Africa
  • All
  • Business
  • Economy
  • Education
  • Election Watch
  • Entertainment
  • Entrepreneurship
  • Fashion
  • Guide
  • Health
  • Inspiration
  • Lifestyle
  • Market
  • Music
  • National
  • News
  • Opinion
  • Politics
  • Tech
  • Travel
  • Uncategorized
  • World

Get our Newsletters

  • About
  • Advertise
  • Careers
  • Contact

© 2019 Drum Africa News - delivering the sounds of Africa.

No Result
View All Result
  • Home
  • Business
  • Entrepreneurship
  • Tech
  • Lifestyle
  • Sports
  • Opinion
  • Election Watch

© 2019 Drum Africa News - delivering the sounds of Africa.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.