Stock market rebounds as Accesscorp releases five year strategic plan

Accesscorp has on the floor of the Exchange released a new 5-year strategic plan (2023-2027) which it intends to implement to achieve; improved value accretion, agility and scale leverage, best-in-class talent, targeted consolidation, and enhanced risk rating beyond the sovereign. Market operators say they anticipate a medium-term synergy gain among the Group’s Subsidiaries (Bank, Pensions and Insurance Brokage) as it implements the new plan. Meanwhile the NGX-ASI bounced back with a 67bps gain to print at 52,701.31 points due to buying interest in AIRTELAF, NESTLE and WAPCO. As a result, the YTD return increased to 2.8% (previously: 2.1%) while market capitalisation gained ₦192.0 billion to ₦28.7 trillion. Activity level improved as volume and value traded climbed 3.0% and 36.7% to 228.5m units and ₦4.4bn respectively.

According to Afrinvest notes to investors performance across sectors was bullish as 5 indices gained while 1 index lost. The AFR-ICT index led the gainers, up 1.8% following price uptick in AIRTELAF (+3.2%). Trailing, the Consumer Goods and Banking indices rose 0.5% and 0.2% respectively on the back of gains in NESTLE (+1.9%), FLOURMILL (+3.0%), ETI (+2.7%), and UBA (+0.6%). Also, price appreciation in WAPCO (+1.6%) and MRS (+9.9%) drove the Industrial Goods and Oil & Gas indices up 0.2% and 0.1% respectively. Conversely, the Insurance index fell 0.1% on account of sell pressure on LINKASSURE (-6.4%) and WAPIC (-2.2%).

it said that investor sentiment, as measured by market breadth, improved to 0.08x from -0.04x recorded in the previous trading session as 21 stocks advanced, 15 declined while 72 closed flat. We expect the positive performance to be sustained in the next trading session.

Dividend Information for 2022

Source: Coronation Securities