Stock market closes higher by 0.08%

…Stanbic IBTC Holdings to pay N25.9bn as interim dividend

Nigeria’s equities market garnered additional N45billion on Tuesday after rising by 0.08 percent at the close of trading.

Investor’s interest in stocks like IMG, Eterna, C& I Leasing and eTranzact helped the market to close further in the positive zone despite profit taking in counters like RT Briscoe, Abbey Mortgage Bank, and other major laggards.

Stanbic IBTC Holdings has proposed an interim dividend of N2 per ordinary share of 50 kobo each amounting to N25.913billion for the half-year (H1) period ended June 30, 2024.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation rose further on Tuesday from preceding day’s 96,793.95 points and N55.601 trillion respectively to 96,873.74 points and N55.646 trillion.

The slightly positive close on the Lagos Bourse came as stock investors in 12,532 deals exchanged 473.003 million shares worth N10.411billion.

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Stocks like Access Holdings, Oando, Prestige Assurance, UBA and Transcorp were actively traded on Tuesday. The market’s return year-to-date (YtD) increased to 29.56 percent.
IMG rose by N2.90 or 10 percent, from N29 to N31.90, C & I Leasing increased by 37kobo or 10 percent, from N3.70 to N4.07, Eterna rose from N29.30 to N32.20, adding N2.90 or 9.90 percent, while eTranzact advanced from N5.60 to N6.15, adding 55kobo or 9.82 percent.

Stanbic IBTC Holdings gross earnings increased by 77.44percent, profit before tax increased by 77.14 percent and profit after tax increased by 71.32 percent for the period ended June 30, 2024. The directors recommend the approval of an interim dividend of 200 kobo per share (June 30, 2023: 150 kobo per share) for the period ended June 30, 2024.

The dividend which is subject to deduction of appropriate withholding tax and regulatory approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on Wednesday September 18, 2024.

The register of shareholders will be closed from Thursday September 19 to Thursday September 25, 2024. On Monday September 30, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at close of trading on Wednesday September 18, 2024, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

In its financial statements for the six-month period ended June 30, Stanbic IBTC Holdings gross earnings grew to N378.548billion as against N213.334billion in H1’ 2023, while profit after tax (PAT) printed at N116.357billion in H1’24 as against N67.919billion in H1’23.