Interim dividend: Nigeria stock market advances further by N19bn

The Nigerian Stock Exchange (NSE) advanced further by N19 billion on Wednesday following demands in Tier 1 banks due to interim dividend.

Speficially, the market capitalisation which opened at N13.112 trillion rose by N19 billion or 0.14 per cent to close at N13.131 trillion.

Similarly, the All-Share Index (ASI) appreciated by 34.83 points or 0.14 per cent to close at 25,171.32 compared with 25,136.49 achieved on Tuesday.

Consequently, the Month-to-Date gain increased to +1.9 per cent, while the Year-to-Date loss moderated to -6.2 per cent.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Guaranty Trust Bank, International Breweries, Studio Press, Zenith Bank and United Bank for Africa.

Capital market analysts noted that the market closed higher with the help of interim dividend-paying stocks that inched in value as investors positioned ahead of their half-year audited earnings reports.

For market breadth, there were 13 gainers and 13 losers.

Studio Press led the gainers’ table in percentage terms with 10 per cent to close at N1.98 per cent.

International Breweries trailed with 7.14 per cent to close at N3, while Jaiz Bank rose by 5.36 per cent to close at 59k per share.

Japaul Oil & Maritime Services and Mutual Benefits Assurance appreciated by five per cent each, to close at 21k per share each.

Conversely, Chemical and Allied Products dominated the losers’ table in percentage terms, dropping 10 per cent to close at N15.30 per share.

Royal Exchange trailed with a loss of 9.68 per cent to close at 28k, while PZ Cussons dipped 9.41 per cent to close at N3.85 per share.

University Press lost 7.38 per cent to close at N1.13, while GlaxoSmithKline shed 6.73 per cent to close at N4.85 per share.

Transactions in the shares of Zenith Bank topped the activity chart with an exchange of 35.94 million shares valued at N605.18 million.

Access Bank followed with 29.08 million shares worth N187.39 million, while Transcorp traded 16.49 million shares valued at N10.14 million.

UBA sold 12.49 million shares worth N83.19 million, while FBN Holdings transacted 10.53 million shares valued at N52.61 million.

In all, the volume of shares traded dropped by 33.58 per cent as investors bought and sold 180.01 million shares worth N1.54 billion in 3,108 deals.

This was in contrast with a turnover of 271.001 million shares valued at N2.46 billion achieved in 3,693 deals on Tuesday. (NAN)