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Nigeria’s stocks gain N170bn in week ended Oct. 22

… Stanbic IBTC Q3 pre-tax profit drops by 41%

In the holiday shortened trading week to Friday October 22, many stocks listed on the Nigerian Exchange Limited (NGX) witnessed increased buy activities despite negative take-off to the review week. Out of the four trading days, the market recorded one negative close and four positive closes.

The journey further into the green zone was fueled by investors interest in industrial, oil and gas, and banking stocks amid pockets of profit taking in consumer goods and insurance stocks.

The Nigerian Exchange Limited (NGX) All-Share Index and its equities Market Capitalisation appreciated from 41,438.15 points and N21.625 trillion respectively to 41,763.26 points and N21.794trillion, representing an increase by 0.78percent and about N170billion respectively.

Read also: Stocks gain N237bn as investors buy ahead of Q3 scorecards

The market’s year-to-date (YtD) positive return stood higher at +3.71percent at the close of trading session on Friday. As third-quarter (Q3) earnings season starts, Stanbic IBTC Holdings Plc joined the league of early bird companies that released their Q3 financials on the Nigerian Exchange Limited (NGX).

Stanbic IBTC Holdings Plc recorded 41percent decline in its third-quarter (Q3) 2021 profit before tax (PBT) of N45.312billion as against N76.86billion in same period of 2020.

The group’s profit for the Q3’2021 period printed lower at N39.95billion from a high of N66.16billion in Q3’20, which represents a decrease by 39.62percent.

According to its recently unaudited consolidated and separate interim financial statements for the nine months period ended September 30, 2021, its gross earnings printed lower at N146.61billion from N183.28billion in Q3’2020, down by 20.01percent.

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