Financial sector expected dividends boost market indices

The expected dividend payout by companies in the financial sector, on Monday lifted market performances as 2016 earnings by Zenith bank, and other financial institutions raised demands for their equities.

The share price of Zenith Bank rallied on Monday, following the release of the group’s impressive full year financial performance.

The stock grew by 0.48 percent as investors traded 69 million stocks worth over one billion naira. The share price closed at N14.80.

The NSE All Share index (ASI) closed higher at 25,373.42 points, while market capitalization buoyed to N8.781 trillion respectively, having added 0.49 percent growth.

Price movement table closed with 17 gainers and 17 losers stocks. Honeywell Flour Mills led the gainers table by 5 percent to close at N1.05, Seplat was next with a growth of 4.86 percent to close at N388 and UACN added 3.17 percent to close at N13.

Livestock and Guaranty came fourth and fifth on the gainers list with an appreciation of 2.67 and 2.37 percent to close at N0.77 and N24.62 per share respectively.

7up led 17 decliners stocks with a loss of 6.10 percent to close at N100, followed by Nigeria Police Force Micro Finance Bank, which shed 5.08 percent to close N1.12, while Cadbury dropped 5 percent to close at N8.55. UPL depreciated 4.95 percent to close at N4.03 and Vitafoam shed 4.65 percent to close at N1.64 per share.

Zenith Bank emerged the most traded stock with 69.1 million shares valued at N1.039 billion. United Insurance followed having moved 62.3 million shares worth N31.3 million; and Cornerstone Insurance traded 22.2 million shares at N11.2 million. UBA came fourth with the trade of 19.6 million shares valued at N95.9 million and with a transaction of 12.0 million shares worth N43.7 million United Cap claimed the position of the fifth most active equity on the Exchange on Monday.