Banking Index Slips as UBA, Zenith GTCO Trade Ex-Dividend
The banking index declined sharply due to the market regulator’s decision to mark down top banking names—GTCO, Zenith Bank, and UBA Plc – share prices for dividend payments, though stockbrokers also noticed selloffs on some tickers.
Top banking names were marked down for their 2024 dividend payment, causing share prices to decline, while stockbrokers also noticed some sell pressure on their respective market value.
Trading records obtained from the Nigerian Exchange showed banking and insurance indices were the worst performers in the local bourse last week. Reflecting dividend market down and sell pressures, UBA, Zenith Bank, and GTCO saw their respective market valuations dropping sharply week on week.
The trading record showed that the banking index slumped by 5.43% to lead as the worst performer in the sectoral ratings, followed by the insurance index, which shed 2.34%. The slump was as a result of losses in GTCO, Zenith Bank, International Energy Insurance, Mutual Benefits Assurance, and UBA.
A combination of dividend markdowns and bearish sentiments in GTCO caused its market value to drop by 13.24%. The record was the same for ZENITHBANK, which lost 11.91%, and UBA went down by 9.07%.
Zenith Bank’s share price closed the week at an ex-dividend price of N44, which left the market value of Ajose Adeogun-based financial services company at N1.807 trillion.
At ex-dividend N32.1 per share, UBA closed the week at N1.097 trillion. GTCO’s market value declined to N2.014 trillion after its share price was marked down for a final dividend of N7.03 with a touch of sell pressures in the local bourse. #Banking Index Slips as UBA, Zenith GTCO Trade Ex-Dividend Germany Plans €4 Billion for Green Energy Projects in Africa
