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Herbert Wigwe purchases more Access Bank shares

Wigwe has the highest stake in the bank, directly owning 201.23 million shares.

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Access Bank, Scam Alert: Access Bank issues warning to customers over fraudulent acts , Director, West Africa region, IE, Onyekachi Eke, Access Bank lists N30 billion bonds on NSE , Access Bank, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, A new BVN guideline to curb e-fraud is coming soon - CBN announces , Access Bank donates 66 laptops to children in underserved communities, Access Bank postpones closed period for 2019 Year-End financial statement, Access Bank dispels rumour about its CEO being arrested, Access Bank set to establish subsidiary in Cameroon after acquiring Kenyan bank, Access Bank finally acquires Kenyan bank, Transnational Bank Plc, Herbert Wigwe: We are clamping down on malaria with the Malaria-To-Zero Initiative, Access Bank to list N15 billion green bond on Luxembourg Stock Exchange 

Access Bank’s Chief Executive Officer and Managing Director, Herbert Wigwe purchased 3.1 million shares worth N21.4 millionIn a disclosure filed at the Nigerian Stock Exchange, the transaction, which noted to be carried out via indirect holding through Tengen Holdings (Mauritius) Ltd.  

The notification of insider dealing, on the NSE website, revealed the following details: Purchase of shares by directors of a listed company is legal and occurs regularly. However, regulatory provisions require that such trades are disclosed. 

READ ALSO: Nigerian Mobihealth wins AfricaTech Healthcare Challenge

Details of the current transaction include: 

  • A total of 3,144,859 was purchased indirectly in the month of June. The shares were broken down into two transactions. 
  • Wigwe purchased 3,094,853 shares at a price of N6.81 on the 15th of June 2020 and another 50,000 shares at a price of N6.79 on the 16th of June. 
  • It noted that the 3,144,859 shares purchased were from Wigwe’s indirect holding through Tengen Holdings Ltd in Mauritius. 
  • The aggregate price of the transaction was N21,415,448.93. 

READ ALSO: Access Bank mourns staff, activates Business Continuity Plan

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Recall that in January, the bank’s CEO had sold 55.6 million ordinary shares held indirectly, followed by another 28.86 million shares worth N297.82 million, cumulatively representing a stake of 6.81% in the bank. Of the 15 members of Access Bank’s board of directors, Wigwe has the highest stake in the bank, directly owning 201.23 million shares and 1.24 billion shares indirectly.  

The price difference between both days of the transaction could be as a result of the correlation between insider dealing and share pricesAccess bank’s share price as of yesterday stood at N6.85, down from its 2020 year high of N11.6 per share. Access Bank has a market capitalization of 243.5 billion and a net asset of N635 billion.  

 

 

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Market Views

Netflix gains 17% after beating investors expectation

Netflix for the first time ever passed the 200 million subscriber mark and had an impressive reserve of  $8.2 billion in cash.

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Netflix supporting education by offering some free shows

Netflix’s share price bounced about 17% higher after it beat market expectation, powering the video streaming stock to close high after adding more customers than expected and revealed it no longer needs debt in building its entertainment empire.

The positive upbeat guidance on free cash prompted bullish remarks from Wall Street analysts, though some questioned how much of the subscriber growth was pulled forward.

Stock traders increased their buying pressure on Netflix stock because of the surprisingly strong growth, as well as news that Netflix balance sheets are solid enough for Netflix considering share buybacks. Shares jumped 17% percent to $586.34 in recent trading Wednesday.

Netflix for the first time ever passed the 200 million subscriber mark and had an impressive reserve of $8.2 billion in cash.

READ: Netflix, Amazon, Zoom, Shopify drop over 10%

Specta

 

COVID-19 pandemic has aided Netflix’s business, forcing people in spending more time indoors coupled with curbing other traditional entertainment options like movie theaters and concerts.

Netflix added 25.9 million customers in H1, 2020, and ended up adding 36.6 million customers in all – a record.

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“Investors come out of the fourth quarter incrementally more bullish on the potential of a powerful developing shareholder return story for Netflix in the coming years,” Evercore ISI analyst, Lee Horowitz wrote in a note to Bloomberg News.

READ: McCaleb, co-founder of Ripple sells 28.6 million XRP

Analysts at J.P. Morgan Securities said the company is likely to begin share buybacks in the second half of the year.

Quick fact: Netflix is an American streaming company that allows subscribers to watch movies, documentaries, different popular TV shows, and many more through internet-connected hardwires.

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Stephen Innes, Chief Global Market Strategist at Axi in a note to Nairametrics also spoke on the impressive gains sighted in the $259 Billion valued company;

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“Earnings reports also underpinned equity sentiment. Netflix rose 16% after noting its subscriber numbers increased by a record 37 million in 2020. Serenely, it seems lockdowns and TV go hand in hand.

READ: Nigeria leads the world in Bitcoin searches on Google

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“A testament to the maximum policy overdrive, investors wasted little time getting their feet wet after Janet Yellen espoused by the Biden “go big” policy approach to repair the economic damage caused by the pandemic, which also highlights the importance of helping small businesses and the unemployed.”

What to expect: The Stock market is seeing through longer lockdowns on the premise that COVID vaccinations will lead us out of the pandemic quickly and had helped triggered significant buying pressure on stocks like Netflix taking advantage of reduced social mobility in play

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Cryptocurrency

World’s biggest asset manager provides Bitcoin to clients

The world’s largest asset manager BlackRock Inc is adding bitcoin futures as an eligible investment asset class.

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The world’s largest asset manager, BlackRock Inc is adding bitcoin futures as an eligible investment asset class according to a recent filing by the leading asset management company in a move to bring crypto to its customers.

BlackRock, in a report credited to Reuters disclosed that it was using such asset class as bitcoin derivatives for its two funds namely; BlackRock Global Allocation Fund and BlackRock Strategic Income Opportunities.

Such funds listed above will invest only in cash-settled bitcoin futures traded on commodity exchanges registered with the Commodity Futures Trading Commission, the company said in a filing to the Securities and Exchange Commission yesterday.

Recall some weeks ago, BlackRock CEO, Larry Fink had disclosed, the flagship crypto is on his company’s radar amid the rapid gains recorded by Bitcoin this year alone.

Speaking recently at the Council on Foreign Relations alongside Mark Carney, former Governor of the Bank of England, Fink said, “Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small relative to other markets.”

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  • BlackRock is the world’s biggest asset manager with about $7.4 trillion in assets under management as of the end of Q4 2019.
  • Its massive size allows it to do what no other asset management on planet earth can do.

Upshot

Also, the BlackRock CIO of Fixed Income buttressed his bias, on why Cryptos are here to stay, taking into account its role in payments among the world’s millennials.

“I think cryptocurrency is here to stay and I think it is durable and you’ve seen the central banks that have talked about digital currencies. I think digital currency and the receptivity, particularly millennials’ receptivity to technology and cryptocurrency is real. Digital payments systems are real, so I think Bitcoin is here to stay,” he said.

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Market Views

Bitcoin, Gold, leading Stocks tumble on strong U.S dollar

The U.S dollar index gained 0.6% on the day to settle at 90.77.

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Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?

The dollar was fired up at the last trading session of the week crushing its major currency rivals, Bitcoin, Gold, and leading global Stocks.

The U.S dollar retained its safe-haven status on the account of the U.S Dollar Index settled remarkably higher than a basket of six other global major currencies.

The U.S dollar index gained 0.6% on the day to settle at 90.77.

READ: U.S Central Bank leader says no rush into crypto dollar

What this means

Investors are piling to the U.S dollar after receiving worrying U.S economic data. Retail sales in the world’s largest economy were off 0.7% last month, the third straight drop.

Specta
  • Such upsides seen in the greenback’s value saw gold at the expense of a charging dollar whose strength astonished metal traders, saw gold futures losing as much as 1.16% to settle at 1,829.90/ounce
  • Also at press time the flagship crypto asset, Bitcoin traded at $35,756.99 with a daily trading volume of $70 Billion.
  • Bitcoin is down 7.38% for the day.

READ: Google, Facebook, Twitter stocks drop, investors ponder if big techs have become too powerful

Also, the world’s biggest stock market by market volume and liquidity suffered heavy losses, as data showed the Dow Jones Industrial Average plunged by 0.57% to settle at 30,814.26 index points, the S&P 500 lost about 0.72% to settle at 3,768.25 and the Nasdaq Composite fell by 0.87% to close at 12,998.50 index points.

The greenback was an outlier at the last trading session despite drops seen in U.S bond yields associated with the benchmark 10-year U.S. note, whose resurgence in the previous week had been the catalyst for the U.S dollar comeback.

READ: Gold on a grand slam win, gains $40 per ounce

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What they are saying

Milan Cutkovic, Market Analyst at Axi, in an explanatory note to Nairametrics, spoke on fundamentals supporting the rebound of the U.S dollar;

  • “Many investors continue to stand on the side lines. President-elect Joe Biden unveiled his US$1.9 trillion stimulus plan. There were no major surprises, and a lot of it was already priced in.
  • “Investors are now focused on how quickly the Biden administration can implement their plans and support the ailing US economy. Although Biden will be inaugurated on Wednesday, the second impeachment of Donald Trump might overshadow the first few weeks of his term.
  • “Investors are also increasingly confronted with the reality that the pandemic is still far from being under control, despite the significant progress that was made in the past few months, and several COVID-19 vaccines already on the market.”

READ: Silver surpasses three-week high, joins Bullish momentum

Bottom line

Investors are increasingly confronted with the reality that the pandemic is still far from being under control, thereby flocking back to the safe-haven currency despite the significant progress that was made in the past few months, and several COVID-19 vaccines already on the market.

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