Nigerian Stocks Rally As GTB Earnings Report Wows Investors


Investors’ exuberance lifted turnover by 119 per cent to N5.854 billion, with GTB alone accounting for N3.553 billion.

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.