The stock market returned to bearish mode yesterday as the Nigerian Stock Exchange (NSE) All-Share Index fell by 0.21 percent to close at 27,058.62, after opening the week on a positive note the previous day.
Although price gainers outstripped losers, losses suffered by second-highest capitalized stock, MTN Nigeria Communications Plc, Union Bank of Nigeria Plc, PZ Cussons Nigeria Plc and Jaiz Bank Plc, among other six others led to decline in the NSE ASI. Market capitalization shed N27.9 billion to close at N13.2 trillion.
In all, 10 stocks depreciated compared to 27 that appreciated. The price losers’ chart was led by Cutix Plc with 9.6 per cent, trailed by PZ Cussons Nigeria Plc with 8.3 percent. On the positive side, Oando Plc and Transcorp Plc led the gainers’ chart with 10 percent apiece.
But activity level declined as volume and value traded fell by 16.4 per cent and 22.4 percent respectively to 209.6 million shares and N3.2 billion. The most active stocks by volume were Transcorp Plc (43.6 million shares), Guaranty Trust Bank Plc (43.0 million) and Zenith Bank Plc (34.1 million shares) while Guaranty Trust Bank Plc (N1.1 billion), Zenith Bank Plc (N592.0 million) and Nestle Nigeria Plc (N526.9 million) led by value.
GTBank Plc and Zenith Bank Plc recently released their half year financial results ended June 30, 2019, recommending interim dividend of 30 kobo each to the shareholders. While GTBank released its results last Thursday, Zenith Bank announced its results last Monday.
GTBank Plc recorded gross earnings of N221.9 billion in 2019, down by 2.1 per cent compared with N226.6 billion in the corresponding period of 2018. The bank reported a profit before tax (PBT) of N115.8billion, representing a growth of 5.6 per cent over N109.6billion recorded in the corresponding period of 2018, while profit after tax (PAT) rose by 3.7 per cent to N99.1 billion, from N95.9 billion in 2018. It recommended an interim dividend of 30 kobo per share.
Commenting on the H1 performance, the Chief Executive Officer of GTBank Plc, Segun Agbaje, said: “We have delivered a good result in spite of a challenging market, characterised by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”
Source: THISDAY
