Shares of Ecobank Transnational incorporated continue to trade between N29.40 and N31.00 since its audited financials for the year ended December 31, 2024, hit the market last week, even despite the strong numbers posted, a situation that may not be totally divorced from the failure of the board to propose a dividend.
The dual listed financial institution is still side trending and consolidating on the nearly 15.3% rise from its February’s all-time high. But there’s a sense that the pullback may be behind them, as the stock seems to be forming a range. This is a technical pattern that often signals a reversal or continuation. In short, the bears may have tried and failed to push the shares to new lows, a situation suggesting that buyers are slowly taking back control.
That sentiment would make sense, considering ETI’s latest earnings report at the end of March. Truth be told, the numbers beat market expectations, with all-time record revenue and year-over-year growth of nearly 100%. Also noteworthy is the forward guidance which came in ahead of expectations, supporting the idea that demand for banking stocks like ETI is high, even as it is yet to roll out a recapitalisation plan ahead of the Aprill 2026 deadline.
ETI Price Action
Despite, the changing market fundamental and economic recovery, the share has continued to sustain its bullish momentum, but investors have remained firmly bullish. That’s a huge potential gain for the bank’s size, but it comes at a cost. The stock currently trades with a price-to-earnings ratio of 0.73, far cheaper than many of its peers. For investors or traders who want capital gain should look the way of the stock and its industry, that’s a serious consideration.
Accesscorp: Undervalued, Steady, But Flying Under the Radar
While ETI has been dominating headlines with highest revenue, Accesscorp has been quietly building a bullish case for itself, as all eyes are on the group’s much awaited audited accounts.
The shares of Accesscorp are still down by more than 21% from its last February high, having never failed to recover from the pullback. Like ETI, however, Accesscorp has also shown resilience over the past few weeks and is holding firm along a multi-year support line at the N20 level. That kind of technical base can often trigger buy sentiments that support stronger moves towards the north.
Accesscorp Price Action
Accesscorp’s last earnings report, released five months ago, beat expectations and was followed by a rally – one of the strongest signals a banking stock can send about its confidence in future growth. Yet, unlike its peers, Accesscorp hasn’t seen a wave of recent analyst upgrades. The last major update came in September when price actions reiterated its ’Buy’ rating with a N22 price target. That still implies a 27% upside from current levels, but the lack of fresh coverage is noticeable. For value investors or those more risk-averse, this alone may be reason enough to lean toward Accesscorp.
There is a strong case to be made for both ETI and Accesscorp heading into Q2. ETI has the momentum, the growth story, and the investors attention, but it comes with a richer valuation. Accesscorp offers a more grounded opportunity with strong fundamentals, a better valuation, and an improved technical setup.
For aggressive growth investors, Accesscorp may still be the pick, especially if it can hold N22 and reclaim N30 or above in the weeks ahead. But for those looking for value, steadier upside, and less downside risk, ETI may be the better bet. Either way, both stocks look primed for a stronger Q2 than what they’ve shown so far this year.
