Finance

Access Holdings gets approval to acquire first Guarantee Pensions

Published

4 years ago

August 30, 2022

Access Holdings Plc (ACCESSCORP) said that it has obtained full regulatory approval to acquire majority equity stake in First Guarantee Pension Limited (‘FGPL’). With this new development, FGPL becomes one of the subsidiaries of ACCESSCORP. We expect the synergy gains from this business expansion drive to begin impacting positively on ACCESSCORP earnings in the near term. Meanwhile stock market resumed trading for the week on a negative note as the NGX-ASI declined marginally by 1bp to 49,676.75 points, spurred by losses in NB (-2.9%), GTCO (-0.5%), and AIICO (-3.6%). YTD return printed at 16.29% (previously 16.30%) while market capitalisation moderated by ₦2.9bn to ₦26.8tn. Trading activity varied as volume traded advanced 20.4% to 232.9m units while value traded fell 52.9% to ₦2.2bn.

Across our coverage sectors, performance was mixed albeit bearish tilt as 3 indices lost, 1 gained while the Industrial Goods and AFR-ICT indices closed flat. Losses in NB (-2.9%) and AIICO (-3.6%) dragged the Consumer Goods and Insurance indices lower by 0.3% and 0.2% respectively. Trailing, the Oil & Gas index declined 0.1% courtesy of selloffs in ARDOVA (-1.2%). Conversely, the Banking index advanced 0.1% on account of bargain hunting in UBA (+0.7%), and ZENITH (+0.2%).

Investor sentiment, as measured by market breadth, strengthened to 0.10x (previously -0.10x) as 18 stocks gained, 9 lost while 86 closed flat. In the next trading session, we expect bargain hunting activities to drive mild gains on the local bourse.

Market Cap (₦’bn) 26,794.02

Market Cap ($’bn) 62.50

NGX All-Share Index 49,676.75

Daily Performance % 0.00

WTD Performance % 0.00

MTD Performance % -1.40

QTD Performance % -4.10

YTD Performance % 16.30

Daily Volume 232.90