The market closed on a negative note yesterday as investors booked profit following days of growth.
The Nigerian Stock Exchange [NSE] All-Share Index depreciated by 0.15 percent to close at 36,776.60 compared with a growth of 1.14 percent the previous day.
Expectations that companies would soon begin to release impressive results for the third quarter ended September 2017,has been leading to more demand for stocks in the past few days.
The development kept the market in the bulls' territory for the last four trading days.
However,the bears returned yesterday as profit taking set in.Consequently,the index closed lower.However,the market ended with 19 price losers and 19 price gainers.But the depreciation recorded in the share prices of Diamond Bank,FBN Holdings,Lafarge Africa,Nigerian Breweries,and Access Bank was namely responsible for the decline recorded in the index.
At the end of trading,investors staked 3.26 billion on 353.19 million shares,up from 3.0 billion invested the previous day.The most actively traded sectors were: Financial Services [309.59 million shares],Consumer Goods [23.20 million shares],and Services [8.28 million shares],while the three most actively traded stocks were:Diamond Bank [215.76 million shares],Fidelity Bank [15 million shares]and FCMB Group [14.59 million shares].
Meanwhile,more companies have informed the NSE of their meeting to consider their nine months results for instance,Zenith Bank Plc said its board will soon meet for that purpose.
Investors are expected impressive performance from the bank given the half year results.
Zenith Bank Plc announced an interim dividend of 7.8 billion for the HI half year ended June 30,2017,which translated to 25 kobo per share.
The bank recorded gross earnings of 380.4 billion naira,up by 77 percent from 214.8 billion period of 2016.Net interest income stood at 138.962 billion as against 127 billion in 2016.
However,impairment charges increased by 196 percent from 14.2 billion naira to 42 billion naira.
But the bank got a boost from trading and other operating income.While trading income,realised foreign exchange,jumped from negative 864 million naira to positive 65.318 billion naira,other operating income similarly soared from 3.567 billion naira to 15.112 billion naira in 2017.
Consequently,Zenith Bank Plc ended the period with profit before tax of 92.183 billion naira compared with 53.905 billion in 2016.PAT rose from 35.465 billion naira to 75.5.317 billion naira,Hence,the directors recommended an interim dividend of 25 kobo per share,just like what was paid in the corresponding period of 2016.
Market analysts said given the high level of profitability,the bank would pay a final dividend higher than the 1.77 naira paid at the end of 2016.