Stocks Halt Bearish Run, Records 0.71% Growth on Positive Corporate Action

Investors in Nigeria’s equities resumed trading upbeat in Monday to halt four consecutive days of downward movement.

Investors in Nigeria’s equities resumed trading upbeat in Monday to halt four consecutive days of downward movement.

The All Share Index advanced by 0.71%, while the YtD return on the index currently stood at -13.73%, following market trading which saw the release of Zenith Bank’s half year numbers.

The bank declared an interim dividend of 30 Kobo per share on revenue and post tax profit growth of  3% and 9% respectively.

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The market likewise witnessed increased activity as the value of stocks traded on the floor of the exchange increased by 18.13% to N4.17 billion.

The increase was equally attributable to renewed buying activity in bellwether stocks. However, total volume declined marginally by 2.92% to 250.74 million units.

A review of index performers shows the bankers topped the gainers list, up by 1.34%, as a result of renewed bargain buying interest in tier one lenders.

The oil and gas sector posted an uptick of 0.50%, while the high cap index (NSE 30) advanced 0.18%.

 Leading the losers was the Insurance sector (-2.41%), trailed by the Consumer goods (-1.59%) and the Industrial goods (-0.25%).

Highlights of Zenith Bank’s half year results for the period ended June 30, 2019 showed that gross earnings recorded was N331.58bn Vs N322.20bn, representing a growth of 3%.

Profit before Tax grew by 4% to N111.67bn Vs N1.7.35bn while Profit after Tax accelerated 9%  to N88.88bn Vs 81.73bn the same period of 2018.