Banking stocks rally as big banks mull 2016 financials
Following the announcement made by some Tier-1 banks on the approval of their 2016 financial results, the equities market took a turn for the better on Friday after trading in negative zone in the three preceding sessions.
The value of Access Bank’s stock rose 2.28 percent or 14 kobo on Friday, a day following its announcement, while Zenith Bank added 1.86 percent or 27 kobo, and Guaranty Trust Bank’s (GTB) stock added 0.30 percent or 7 kobo.
FCMB, FBN Holdings, UBA and ETI also emerged gaining stocks on Friday, posting increases of 4.46 percent, 1.74 percent, 1.52 percent and 1.23 percent respectively.
Consequently, the Nigerian Stock Exchange (NSE) All-Share Index recorded its first gain in the New Year as it grew by 0.15 percent and market capitalization added N13.5 billion.
The board of directors of both Zenith and GTB had announced their intentions to meet for the consideration and approval of their 2016 audited accounts.
In its statement to the NSE, Zenith Bank noted that its Board will meet January 24th in Lagos, to consider the audited account of the bank and to consider proposals including the recommendation of dividend to shareholders subject to approval at the next Annual General Meeting.
The Bank, however, noted that regulatory approval from the Central Bank of Nigeria will be sought prior to the release of the results on the floor of the NSE, adding that notifications of decisions reached after its meeting will be disseminated following CBN’s approval.
In a similar notice, GTB said its Directors are scheduled to meet on January 25th also for the consideration of 2016 financial accounts and issues relating to full year dividend.
Access Bank had earlier notified investors through a statement filed with the NSE explaining that its board will conduct a review of its financial statements and consider with other agenda items, payment of final dividend at a meeting which is scheduled for January 26, 2017.
The statement signed by Access Bank’s company secretary Sunday Ekwochi said the company has declared the closure period from January 4, 2017, to such date as will be subsequently announced as required under Rule 17.2 of the Amendment to listing Rules of the Nigerian Stock Exchange.
The statement added that “Accordingly, no director, employee, persons discharging managerial responsibility and adviser of the company and their connected persons may directly or indirectly, deal in the shares of the company in any manner during the closed period.”
