THURSDAY, 27 MAY 2010 00:00 BY MOSES EBOSELE AND HELEN OJI
As part of measures to shore up its capital base, Access Bank Plc is to raise N100 billion from the capital market. During its yearly general meeting in Lagos yesterday, directors of the bank also got shareholders nod to raise the amount, either in local or foreign currency, “whether by way of public offering, private placement, rights offering, book building process or other methods or combination of methods”.
They equally empowered the board of the company to purse the fund raising exercise through “the issuance of shares, convertible or non-convertible loans, stock, medium term notes, bonds or other securities, in such tranches, series of proportions, at such coupon or interest rates, within such maturity periods, and on such other terms and conditions including the provision of security for repayment as the directors may deem fit or determine, subject to obtaining the approvals of relevant regulatory authorities”.
The Group Managing Director of Access Bank, Mr. Aigboje Aig-Imoukuede, said the strength and potentials of the bank’s franchise is becoming very apparent as the bank will further leverage on standards of excellent governance, strong capital, first class risk management and highly skilled customer driven employees to grow its incomes.Meanwhile, the reign of the bears has continued unabated on the trading floor of the Nigerian Stock Exchange, as major blue chip companies continues to suffer share price depreciation, resulting to a further slide in market indices by N81billion.
Specifically, at the close of transactions yesterday, highly capitalised stocks comprising of 51 companies suffered share price depreciation as against 30 that appreciated in price.Consequently, corporate performance indices or the All-Share Index of the Exchange slid by 334.46 points or 1.3 per cent from 25,908.12 recorded on Tuesday to 25,573.66, while market capitalisation fell by N18 billion or 1.3 per cent from N6,301 trillion to N6,220 trillion.
On the price movement chart, Nestle Nigeria Plc led others on the losers’ table with 805 kobo to close at N350.00 per share. Oando Plc followed with 405 kobo to close at N76.95 per share. Nigerian Breweries Plc, Flourmills Plc, UACN Plc, Dangote Flourmills Plc, Cadbury Nigeria Plc shed 345 kobo, 228 kobo, 204 kobo,105 kobo and 99 kobo, to close at N65.55, N65.72, N39.95, N20.07 and N28.01 per share respectively.United Bank For Africa Plc, Stanbic IBTC Plc, Zenith Bank Plc, Access Bank Plc, Constain West African Plc, Berger Paint Plc, UPL Plc, Ashaka Cement Plc, May & Baker Plc, Internationational Breweries Plc, Prestige Assurance Plc And Unilever Nigeria Plc also loss 58 kobo, 50 kobo, 42 kobo, 41 kobo, 40 kobo, 38 kobo, 37 kobo, 34 kobo, 31 kobo, 30 kobo, 20kobo and 19 kobo, to close at N11.06, N10.50, N13.40, N7.95, N7.74, N7.26, N7.20, N19.05, N6.01, N5.86, N3.80 and N23.51 per share respectively.
On the other hand Nigerian Bottling Company Plc topped the gainers’ table with 175kobo, to close at N36.75 per share, while CAP plc followed, adding 128 kobo to close at N27.04 per share. GlaxoSmithKline Consumers Plc, Benue Cement Company Plc, First City Monument Bank Plc, Okomuoil Plc, National Salt Company of Nigeria Plc, UAC-Properties Plc, Presco Nigeria Plc, Ecobank Plc, Dangote Sugar Refinery Plc, RT Briscoe Plc, Diamond Bank Plc, Custodian And Allied Insuranc Plc, Ecobank Transnational Incorporated Plc, Starcomms Plc, Honeywell Flourmills Plc, Union Bank Plc and Afribank Plc gained 125 kobo, 39 kobo, 37 kobo, 35 kobo, 31 kobo, 30 kobo, 27 kobo, 24 kobo, 20 kobo, 20 kobo, 18 kobo, 17 kobo, 12 kobo, 11 kobo, 10 kobo, 10 kobo and nine kobo, to close at N27.55, N63.10, N7.87, N14.60, N8.65, N19.80, N5.73, N5.04, N18.20, N4.60, N7.40, N3.68, N16.86, N2.47, N8.45, N5.05 and N2.09 per share respectively.