Otedola sells off 834.9m shares in FBNH as Access Holdings acquires Sidian Bank

NGX has said that First Bank Holdings has in a series of notification of insider dealings, reported that Mr. Otedola and his entities have sold about 834.9 million units of their holdings in the FBNH valued at ₦9.3bn. This transaction by implication reduces Otedola’s shareholdings in FBNH to 5.24 per cent from 7.57 per cent. The Exchange also said that Access Holdings Plc said it has reached an agreement with Kenyan based Centum Investment Plc for the acquisition of its entire 83.4 per cent equity stake in Sidian Bank Ltd (Sidian) for a purchase price of ₦15.0 billion or $37.0 million. Consequently, Sidian would merge with Access Bank Kenya. This deal is expected to strengthen Access Bank’s foothold in the East African country, which is in line its African expansion strategy.

Meanwhile sell pressure on FBNH, STANBIC, and ETI dragged the NGX-ASI lower by 0.1 per cent to 53,193.98 points. Consequently, YTD return moderated to 24.5 per cent (previously: 24.7%) while market capitalisation shed ₦41.5 billion to ₦28.7 trillion. Trading activity was mixed as volume traded rose 6.1 per cent to 248.9 million units while value traded dipped 32.2 per cent to ₦1.9 billion.

Across sectors within our coverage, performance was mixed as 2 indices gained, 3 lost while the Oil & Gas index closed flat. The Consumer and Industrial Goods indices rose 13bps and 3bps respectively due to price appreciation in UNILEVER (+2.8%), PZ (+3.2%), WAPCO (+0.4%), and CUTIX (+5.0%). Conversely, the Insurance index led the laggards, down 176bps, driven by profit-taking in NEM (-8.3%) and CORNERST (-9.7%). Likewise, the Banking and AFR-ICT indices declined 86bps and 1bp respectively following selloffs in ETI (-2.2%), FIDELITY (-3.5%), and ETRANZACT (-9.7%). Investor sentiment, as measured by market breadth, weakened to -0.03x from 0.01x in the prior session as 16 stocks advanced, 18 declined while 78 closed flat. We anticipate profit-taking activities to persist in the next trading session.

Market Cap (₦’bn)                                           28,677.41

Market Cap ($’bn)                                                  68.3

NGX All-Share Index                                      53,193.98

Daily Performance %                                              -0.1

WTD Performance %                                              0.5

MTD Performance %                                           -0.8

QTD Performance %                                           13.3

YTD Performance %                                           24.5

Daily Volume                                                     248.9

Daily Value (₦’bn)                                                1.9

Daily Value ($’m)                                                 4.4

Sectoral Indices Performance

NGX 30                                                               -0.1                                   

NGX BANKING INDEX                                   -0.9                    

NGX INSURANCE INDEX                             -1.8                        

NGX CONSUMER GOODS INDEX                0.1           

NGX OIL/GAS                                                 0.0                                     

NGX LII                                                          0.0

NGX INDUSTRIAL GOODS INDEX         0.0