Zenith Bank, GTCO, UBA Rally Boost Banking Index

Zenith Bank, GTCO, UBA Rally Boost Banking Index

Zenith Bank, GTCO, UBA, and other tier 1 rated financial institutions’ positive price movement boosted the Nigerian Exchange banking index, according to trading records for Tuesday.

All the tier-1 banking group with more than N1 trillion in market capitalisation gained traction except First Holdco, which shed 2 basis points following its annual general meeting notice.

 First Holdco said in the annual general meeting notice that if the proposed dividend recommended by the directors is approved by members, the dividend will be payable on Friday, May 23, 2025.

The elephant-branded financial services group plans to pay a 60 kobo financial dividend to shareholders whose names appear in the Register of Members at the close of business on May 12, 2025.

Bargain hunting pushed Zenith Bank’s market value higher by 2.91%, and investors’ interest in UBA lifted the Pan African lender’s market value by 2.19%. Access Holdings Plc surged by 1.48%, while GTCO reported a 1.19% price uptick in the equities market.

Hence, the banking index rose by +1.30%, according to stockbrokers, supported by buying interest in ZENITHBANK (+2.91%), UBA (+2.19%), ACCESSCORP (+1.48%), and GTCO (+1.19%).

Despite the fact the NGX closed negative, the consumer goods (+0.48%) and oil & gas (+0.09%) indexes closed higher, following strong demands in NB (+5.93%) and ETERNA (+9.46%), respectively. #Zenith Bank, GTCO, UBA Rally Boost Banking Index NGX Rises by N228bn Gain as INTBREW, LENGENDINT Rally