The Nigerian equities market continued its upward trajectory, closing higher by 0.08% on Tuesday, driven by investor interest in select stocks. The market’s capitalization surged by N45 billion, reaching N55.646 trillion.
Among the standout performers were IMG, Eterna, C&I Leasing, and eTranzact, which saw significant gains. However, profit-taking in counters like RT Briscoe, Abbey Mortgage Bank, and other laggards tempered the overall market rise.
Stanbic IBTC Holdings announced plans to pay an interim dividend of N25.913 billion for the first half of 2024. This translates to a dividend of N2 per ordinary share, a substantial increase from the previous year.
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The Nigerian Exchange Limited’s All-Share Index (ASI) rose to 96,873.74 points, while the market capitalization reached N55.646 trillion. The slightly positive close was supported by robust trading activity, with investors exchanging 473.003 million shares valued at N10.411 billion.
Access Holdings, Oando, Prestige Assurance, UBA, and Transcorp were among the most actively traded stocks. The market’s year-to-date return improved to 29.56%.
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Stanbic IBTC Holdings reported impressive financial performance for the first half of 2024. Gross earnings surged by 77.44%, profit before tax increased by 77.14%, and profit after tax rose by 71.32%. The company’s strong financial position enabled it to propose a generous interim dividend.
The dividend will be paid to shareholders on record as of Wednesday, September 18, 2024. The register of shareholders will be closed from Thursday, September 19, to Thursday, September 25. Dividends will be paid electronically to shareholders who have completed the e-dividend registration process.
In summary, the Nigerian stock market continued its positive momentum, driven by strong corporate performance and investor optimism. Stanbic IBTC Holdings’ announcement of a higher interim dividend further bolstered market sentiment.
