Access Bank

Access Bank shares closed trading Wednesday at N5.42 representing a 4% loss. Whilst most stocks lost today, Access Bank’s losses was quite different.

Over 71 million units of Access Bank shares exchanged hands on Wednesday driving the share price lower. In fact, Access Bank has witnessed significant volume of trades in the last one week with over 94 million closing on Monday alone. Monday’s trade also saw the share price close lower.

Date Price (Naira) Volume
July 1st 2015 5.42 71,438,685
June 30th 2015 5.65 16,939,697
June 29th 2015 5.73 94,642,313
June 26th 2015 5.77 26,575,124
June 25th 2015 5.94 17,244,887
June 24th 2015 6.09 3,807,719
June 23rd 2015 6.1 9,480,990

Access Bank has now lost 11% in the last one week as against 1.21% for the NSE in the same period. In fact, Access Bank has lost about 44% in the last one year.

So who is dumping?

With the share price shedding further value despite this large volume it suggest a major investor is exiting. We opine these volumes are perhaps a result of a foreign portfolio investor exiting positions with either a market maker or a proxy mopping up the shares.

Outlook for the share price based on technical analysis also suggest further bearishness for the stock. However, in terms of fundamentals and on the back of its Q1 result the shares at any price under N7 looks attractive for a long term investor.

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