Side effects of the Access Bank and Diamond Bank merger manifested on the floor of the Nigerian Stock Exchange as Access Bank lost heavily at the end of trading on Tuesday as some investors sold off their shares.
The bank recorded a 5.52 per cent decline in its share price as it fell to N7.70 on Tuesday from the N8.15 recorded on Monday.
Following an announcement on Monday confirming its proposed merger with Diamond Bank Plc, Access Bank’s share price gained 9.40 per cent that day to close at N8.15 from N7.45 on Friday.
However, the gain recorded on Monday was pared on Tuesday as the bank’s share price fell, while the volume of trade increased by 63.11 per cent to 22.2 million units from 13.6 million units on Monday.
On the other hand, Diamond Bank’s share price increased further, gaining 9.62 per cent to close at N1.14 per share on Tuesday.
Investors reacted to the news of the proposed merger, leading Diamond Bank to emerge the highest gainer on Monday as its share price gained 9.47 per cent to close at N1.04 from the 95 kobo recorded on Friday.