NSE rebounds as Zenith Bank releases FY 2018 results

The Nigerian Stock Exchange (NSE) closed in positive territory today, recovering some of the losses incurred yesterday.

The All Share Index ended today’s trading session at 32,406.18 basis points, up 0.67%. Year to date the index is up 3.10%.

Japaul Oil was the best performing stock today. The stock gained 9.52% to close at N0.23. Sovereign Trust Insurance also gained 9.52% to close at N0.23. ABC Transport rounds up the top three gainers, appreciating by 9.09% to close at N0.48.

On the flip side, First Aluminum was the worst performing stock today. The stock declined by 10% to close at N0.27. Transcorp is next, dropping by 9.74% to close at N1.39. Wema Bank shed 9.68% to close at N0.84.

Transcorp Plc was the most actively traded today. 120 million shares valued at N168 million were traded in 486 deals. Zenith Bank was next with 37.3 million shares valued at N925 million were traded in 691 deals. FBN Holdings rounds up the top three with 31.1 million shares valued at N250 million traded in 266 deals.

Meanwhile Zenith Bank today released its results for the 2018 financial year. Gross Earnings dipped from N745 billion in 2017 to N630 billion in 2018. Profit before tax rose from N199 billion in 2017 to N231 billion in 2018. Profit after tax also rose from N173 billion in 2017 to N193 billion in 2018. The bank has declared a final dividend of N2.50 per share.

Law Union and Rock Insurance Plc

The company’s board met today and has approved its 2018 audited results. In addition, it has recommended the payment of a dividend. The results have since been forwarded to NAICOM.m