Zenith Bank, UBA Surge after Dividend Markdown
Zenith Bank, UBA, and other tier-1 banking names rallied in the equities market after their share prices were marked down for dividends, trading records obtained from the Nigerian Exchange revealed.
The Nigerian top lenders in the trillion-naira valuation category saw a substantial price uptick in the local bourse as investors’ sentiment on dividend-paying stock boosted the banking index.
As a result of this strong show, the Nigerian equities market closed in the green, with the All-Share Index (ASI) rising by 49 bps, bringing year-to-date gain to 1.76%.
Investors began to take positions in these earnings machines ahead of the first quarter of 2025 unaudited financial statement results. Stockbrokers highlighted that trading activity was relatively quiet, though the banking sector dominated, accounting for over 40% of total market volume.
ACCESSCORP led the volume chart with 38.61 million shares, while ZENITHBANK topped the value chart with trades worth N1.07 billion. The Nigerian Exchange Banking Index advanced 71 basis points, buoyed by gains in UBA (+2.8%), ACCESSCORP (+2.49%), and ZENITHBANK (+2.27%).
These gains were mostly recorded in the early session, with market trends flattening toward close amid light crossing activity, stockbrokers said. The market regulator marked down these banks share prices for dividend payments last week. #Zenith Bank, UBA Surge after Dividend Markdown IMF Cuts Global Economic Growth Forecast to 2.8%
