Zenith Bank first half of 2020 audited result shows that Gross Earnings rose 4.4 per cent year on year to ₦346.1 billion from ₦331.6 billion in the first half of 2019 while profit after tax advanced 16.8 per cent to ₦103.8 billion from ₦88.9 billion in H1 2019. The board also declared an Interim dividend of ₦0.30 per share.
Meanwhile The domestic market sustained previous day’s positive performance as gains in MTNN (+0.5%), ZENITH (+1.5%) and FCMB (+4.8%) drove the benchmark index up 20bps to settle at 25,511.02 points. Consequently, investors gained ₦26.6bn as market capitalisation advanced to ₦13.3tn while YTD loss moderated to -5.0%. Activity level improved as volume and value traded rose by 28.2% and 17.3% to 232.4m units and ₦1.3bn respectively. The top traded stocks by volume were TRANSCORP (70.6m units), ZENITH (25.5m units) and LASACO (17.1m units) while ZENITH (₦435.2m), MTNN (₦189.2m) and GUARANTY (₦166.8m) led by value.
Performance across sectors was impressive as 4 indices under our coverage recorded gains while 2 closed flat. The Insurance and Banking indices closed positive, up 50bps and 46bps respectively on the back of gains in LINKASSURE (+7.7%), ZENITH (+1.5%) and GUARANTY (+0.2%). Similarly, the AFR-ICT and Consumer Goods indices trailed, appreciating 30bps and 2bps respectively, due to buy interest in MTNN (+0.5%) and VITAFOAM (+5.1%). Lastly, the Oil & Gas and Industrial Goods indices closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) advanced to 3.0x from the 1.8x recorded previously as 19 stocks gained against the 6 that declined. The top gainers were UAC-PROP (+8.3%), LINKASSURE (+7.7%) and ROYALEX (+6.5%) while NEIMETH (-6.5%), AIICO (-5.3%) and STERLING (-4.8%) lost the most. We expect the local bourse to close the week on a bullish note.
Market Statistics for Thursday, 3rd September 2020
| Market Cap (N’bn) | 13,308.7 |
| Market Cap (US$’bn) | 34.5 |
| NSE All-Share Index | 25,511.02 |
| Daily Performance % | 0.2 |
| WTD Performance % | 0.8 |
| MTD Performance % | 0.8 |
| QTD Performance % | 4.2 |
| YTD Performance % | (5.0) |
| Daily Volume (Million) | 232.4 |
| Daily Value (N’bn) | 1.3 |
| Daily Value (US$’m) | 3.4 |
