Finance

GTCO Plc declares N2.80 final dividend as Bears hold sway at NGX

Published

3 years ago

April 17, 2023

GTCO has declared a final dividend of ₦2.80k per ordinary share of 50k for the 2022 financial year that would be paid on the 11th of May 2023 to shareholders whose names appear in the Register of Members as at 1st of May 2023. This dividend payment brings the total dividend for the year 2022 to a total of ₦3.10k. Meanwhile the stock market resumed trading activities on a bearish note as the NGX-ASI fell 1.5% to 51,127.38 points following losses in MTNN (-6.7%), ZENITH (-0.5%), and FBNH (-1.4%). As such, YTD return weakened to -0.2% (previously: 1.3%) while market capitalisation dipped ₦417.6bn to ₦27.9tn. Also, activity level faltered as volume and value traded fell 13.1% and 31.9% to 226.6m units and ₦1.6bn, respectively.

Across sectors, performance was mixed as 2 indices lost, 2 gained while the Oil & Gas and Industrial Goods indices closed flat. On the losing side, the Banking and AFR-ICT indices fell 5.5% and 3.5% respectively due to price depreciation in ZENITH (-0.5%), WEMABANK (-3.7%), and MTNN (-6.7%). Conversely, bargain hunting on MANSARD (+3.6%), CHIPLC (+8.8%), INTBREW (+3.3), and PZ (+5.0%) pushed the Insurance and Consumer Goods indices up 13bps and 7bps, accordingly.

Investor sentiment, as measured by market breadth, weakened to -0.01x from 0.08x in the prior session as 16 stocks advanced, 17 declined while 68 closed flat. Tomorrow, we expect the bearish run to be extended due to lack of positive catalyst in the equities market.

Market Cap (₦’bn) 27,850.31

Market Cap ($’bn) 60.4

NGX All-Share Index 51,127.38

Daily Performance % -1.5

WTD Performance % -1.5

MTD Performance % -5.7

QTD Performance % -5.7

YTD Performance % -0.2

Daily Volume 226.6