Positive price movements recorded by Zenith Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), and other top-tier financial institutions buoyed the banking index of the Nigerian Exchange (NGX) on Tuesday, according to official trading data.
All tier-1 banks with market capitalisations exceeding ₦1 trillion posted gains, with the exception of FBN Holdings, which slipped by 2 basis points. This minor decline came after the bank issued a notice of its upcoming annual general meeting.
In its AGM notice, FBN Holdings disclosed that if the dividend proposal put forward by its board is ratified by shareholders, the declared dividend would be disbursed on Friday, May 23, 2025. The elephant-emblazoned financial institution is proposing a final dividend payment of 60 kobo per share to shareholders whose names appear in the company’s Register of Members as of the close of business on May 12, 2025.
A surge in investor demand pushed Zenith Bank’s stock higher by 2.91%, while UBA saw a 2.19% increase in its market valuation. Access Holdings Plc advanced by 1.48%, and GTCO followed with a 1.19% rise.
Consequently, the banking index recorded a 1.30% increase, with stockbrokers attributing the uptick to strong buying interest in ZENITHBANK (+2.91%), UBA (+2.19%), ACCESSCORP (+1.48%), and GTCO (+1.19%).
Despite the benchmark index ending the session in negative territory, sectoral performance revealed gains in the consumer goods index (+0.48%) and oil and gas index (+0.09%), supported by robust demand for Nigerian Breweries (+5.93%) and Eterna Plc (+9.46%), respectively.
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