Equity Investors mop’up Access, Abbey, Sterling shares

Growth opportunities inherent in top banking stocks, Access Holdco, Abbey Mortgage bank and Sterling bank propelled investors rush to boost their holdings on the stocks.

All the stocks were seen by investors as highly underpriced and trading on discount.

Abbey Mortgage which has joined the legue of priced stock, recently received operatuonal certificate from the Central Bank of Nigeria (CBN) to commence a full commercial banking service.

Trading in the top three equities, namely Access Holdings, Abbey Mortgage Bank and Sterling Financial Holdings Company, measured by volume, accounted for 1.290 billion shares worth N17.560 billion in 17,768 deals, contributing 32.53 percent and 10.00% to the total equity turnover volume and value respectively.

Meanwhile, a total turnover of 3.966 billion shares worth N175.659 billion in 343,587 deals was traded in the week ended June 05, by investors on the floor of the Exchange, in contrast to a total of 2.398 billion shares valued at N111.480 billion that exchanged hands in the prior week in 241,313 deals.

The Financial Services Industry (measured by volume) led the activity chart with 2.690 billion shares valued at N69.975 billion traded in 134,882 deals: thus contributing 67.83% and 39.84% to the total equity turnover volume and value respectively.

The services Industry followed with 323.601 million shares worth N6.443 billion in 25,906 deals. Third place was the ICT Industry, with a turnover of 176.039 million shares worth N27.892 billion in 40,837 deals.

ETP

A total of 5.266 million units of Exchange Traded Products (ETP) valued at N735.024 million were traded in the week in 7,665 deals, compared with a total of 4.693 million units valued at N569.770 million, transacted preceding week in 5,505 deals.

Bond

Also, a total of 49.518 million units of Bond valued at N52.908 billion were traded in 29 deals compared with a total of 135,590 units valued at N157.012 million transacted in the prior week.