GTBank rallies equities on strong Q3 results

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Guaranty Trust Bank (GTB) Plc led Nigerian equities to break their three-day consecutive negative trading sessions yesterday as investors responded excitedly to the third quarter results of the most capitalised bank in Nigeria.

GTB’s share price recorded the highest percentage gain of 5.11 per cent to close at N24.49 per share at the Nigerian Stock Exchange (NSE), leading a rally that saw the market recovering from the depreciation that started on Monday. Benchmark indices at the NSE indicated average day-on-day gain of 0.44 per cent, equivalent to net capital gain of N41 billion.

Aggregate market value of all quoted equities rose from its opening value of N9.438 trillion to close at N9.479 trillion. The All Share Index (ASI), the main value-based index that tracks prices at the stock market, also rose from 27,478.04 points to close at 27,598.34 points. Average year-to-date return meanwhile remained negative, though slightly better, at -3.64 per cent.

Key extracts of the interim report and accounts of GTB for the nine-month period, which ended September 30, 2016, showed that gross earnings rose by 43.6 per cent to N329.28 billion by September 2016 as against N229.37 billion in comparable period of 2015. Operating income rose by 59.3 per cent from N174.42 billion to N277.85 billion. Profit before tax grew by 53 per cent to N140.84 billion as against N92.06 billion, while profit after rose by 59.6 per cent from N75.16 billion in September 2015 to N119.93 billion in September 2016. Earnings per share closed September 2016 at N4.24 as against N2.65 in September 2015.

GTB was the most active stock with a turnover of 17.07 million shares valued at N426.53 million. Total turnover stood at 111.89 million shares valued at N4.01 billion in 2,699 deals.

Other top gainers yesterday included Seplat Petroleum Development Company, which rose by N7 to close at N368; Guinness Nigeria, which added N1.09 to close at N80; Mobil Oil Nigeria, which gathered N1 to close at N187 and International Breweries, which rose by 95 kobo to close at N19.95.

There were 16 gainers against 14 losers. Ecobank Transnational Incorporated declined by 40 kobo to close at N10.13. Dangote Sugar Refinery dropped by 14 kobo to close at N6.26. African Prudential Registrars and Nigerian Aviation Handling Company lost 13 kobo each to close at N2.56 and N2.92 while Custodian and Allied Insurance slipped by 9.0 kobo to close at N3.71 per share.

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About Cynthia Charles 689 Articles
She is a prolific writer and has special interest on writing about business and opportunities. She can be contacted via [email protected]

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