Nigerian stocks rally as GTB earnings report wows investors

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Nigerian stocks rally as GTB earnings report wows investors



Nigerian stocks found resilience on Thursday as the benchmark index surged 0.54 per cent, lifted by growth in topline and bottomline of tier 1 lender GTB for 2020 and gains in a couple of other bank stocks including Zenith and UBA.
Nigeria’s biggest bank by market capitalisation announced a 4.6 per cent leap in revenue and 2.33 per cent growth in profit for the last financial year, as well as a final dividend per share of N2.70 that would bring its total for the year to N3 per share, prompting investors to adopt a risk-on approach to trade.
Investors’ exuberance not only lifted liquidity by as much as 728 per cent, but also turnover by 119 per cent to N5.854 billion, with GTB alone accounting for N3.553 billion of that sum.
The audited reports of Access Bank and Dangote Cement are due on Friday, and their release could prove a major boost for a market that could be buffeted by investors’ rate adjustment fears ahead of the outcome of the central bank’s monetary policy committee meeting next week.
Also supporting gains, the bank index advanced 4.40 per cent to 351.28 per cent.
A positive market breadth was reported as there were 21 gainers against 13 losers at the end of trade.
The all-share index swelled by 208.71 points to 38,914.84 points, while market capitalisation closed at N20.360 trillion.
Year to date, the index is down by 3.37 per cent.
TOP FIVE GAINERS
Eterna led the gainers’ chart, appreciating by 9.96 per cent to close at N5.08. Lasaco went up by 8.33 to N1.30. Zenith rose to N22, notching up 7.32 per cent in the process. GTB added 6.43 per cent to end today’s trade at N29.80. Courteville completed the top 5, climbing by 5 per cent to N0.21.
TOP FIVE LOSERS
Linkage Assurance was the worst performing stock, declining by 9.09 per cent to close at N0.50. Wapic shed 9.09 per cent to close at N0.50. ABC Transport fell to N0.28, losing 6.67 per cent. Sterling Bank slumped to N1.47, recording 6.37 per cent depreciation. Honeywell Flour closed at N1.18, going down by 5.60 per cent.
TOP FIVE TRADES
In all, 1.468 billion shares estimated at N5.854 billion were traded today in 4,040 deals.
Unity was the most active stock for with 1.001 billion units of its stocks worth N700.691 million traded in 30 deals, accounting for 68.2 per cent of total market volume.Also, 200.187 million units of Multiverse shares priced at N40.037 million exchanged hands in 6 transactions. GTB had 122.177 million shares valued at N3.553 billion traded in 445 deals.
Zenith traded 32.841 million shares estimated at N711.916 million in 664 transactions. FBN Holdings traded 18.971 million shares valued at N137.821 million in 188 deals.

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