THE management of Access Bank Plc, last week, notified the Nigerian Stock Exchange (NSE) of its intentions to completely divest from its non-banking subsidiaries, United Securities Limited and Access Investments and Securities Limited and integrate the operations of its Mortgage Banking subsidiary, Access Homes and Mortgages Limited into its Retail Banking Division. The bank’s decision followed the approval it received from the Central Bank of Nigeria (CBN), to bring its operations in conformity with the provisions of CBN’s Regulations on Scope of Banking Activities and Ancillary Matters No. 3. 2010.
Meanwhile, activities on NSE last week recorded a turnover of 1.76 billion shares worth N19.43 billion in 31,386 deals, in contrast to a total of 2.63 billion shares valued at N24.95 billion exchanged previous week in 35,419 deals.
The banking sub-sector was the most active during the week (measured by turnover volume); with 1.31 billion shares worth N11.317 billion exchanged by investors in 18,750 deals. Volume in the banking sub-sector was largely driven by activity in the shares of Zenith Bank Plc, First Bank of Nigeria Plc, Oceanic Bank Plc and Guaranty Trust Bank Plc. Trading in the shares of the four banks accounted for 604.36 million shares, representing 46 per cent and 34.4 per cent of the sub-sector’s turnover and total volume traded during the week, respectively.
The Insurance subsector, boosted by activity in the shares of AllCO Insurance Plc and N.E.M Insurance Plc, followed on the week’s activity chart with a turnover of 88.8 million shares valued at N101.57 million in 1,326 deals.
Upper week, the banking sub-sector led on the activity chart and was followed by the Insuranc Sub-sector.
The NSE All-Share Index depreciated by 592.75 points or 2.17 per cent to close on Friday at 26,763.84 while the market capitalization of the 201 first -tier equities decreased to N8.55 trillion. The NSE-30 Index depreciated by 30.55 points or 2.49 per cent to close at 1,173. Upper week, ASI and NSE-30 Index depreciated by 1.2 per cent and 1.41 per cent, respectively.
All four sectorial indices depreciated during the week compared with two that so depreciated during the preceding week. The NSE Food/Beverage Index depreciated by 12.81 points or 1.49 per cent to close at 849.09, the NSE banking Index depreciated by 4.29 points or 0.91 per cent to close at 439.17, the NSE Insurance Index depreciated by 0.88 points or 0.46 per cent to close at 185.41 and the NSE Oil/Gas Index depreciated by 3.4 points or 0.9 per cent to close at 358.72.
Twenty-four stocks appreciated in price during the week, lower than the 55 of the preceding week. 7-Up Bottling Company Plc led on the gainers’ table with a gain of N1.95 kobo to close at N40.95 kobo per share while Berger Paints Plc followed with a gain of N1.21 kobo to close at N10.71 kobo per share.
On the other hand, 58 stocks depreciated in price during the week, higher than the 39 of the preceding week. Guinness Nigeria Plc led on the price losers’ table, dropping by N11.30 kobo to close at N202.75 kobo per share while Nigerian Breweries Plc followed with a loss of N7.86kobo to close at N78.00 kobo per share.