Nigerian Breweries, GTBank, Nahco, Forte Oil Lose at Stock Market

The shares of Guaranty Trust Bank (GTBank) Plc declined at the stock market yesterday, shedding 4.8 per cent despite posting improved profit for the 2016 financial year the previous day.

GTBank Plc, Nigerian Breweries Plc ended as the top price losers. Nigerian Breweries led the price losers chart, shedding 5percent, while Nahco, and Forte Oil lost 4.7percent and 3.1percent respectively.

In all, nine stocks depreciated compared with 16 stocks that appreciated.

The Nigerian Stock Exchange ( NSE) All-Share Index (ASI) appreciated by 0.74 per cent following gains by Dangote Cement Plc, Nestle Nigeria Plc that led others with 5.0 per cent apiece.

However, dumping of shares of GTBank by investors who remained indifference to the 2016 financial results made the stock to close lower at N24.61 per share, along with Nigerian Breweries Plc, which led other price losers with 5.0 per cent to be at N130.36 per share.

GTBank had on Wednesday reported gross earnings of N414.62 billion for the year ended December 31, 2016, showing an increase of 37 per cent from N301.85 billion in 2015. Profit before tax stood at N165.14billion, representing a growth of 37 per cent over N120.69billion recorded in 2015, while profit after tax rose from N99.436 billion in 2015 to N132 billion.

The bank grew its loan book grew by 16 per cent from N1.373trillion in 2015 to N1.590 trillion in 2016, just as total deposits grew by 29 per cent to N2.111trillion from N1.637trillion in 2015.

Based on the results, the bank has proposed final dividend of 175 kobo, bringing the total dividend to 200 kobo per share.

The bank has already paid an interim dividend of 25 kobo.

Commenting on the performance, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said: “The bank’s financial performance in 2016, does not only reflect the resilience of our franchise, it demonstrates the fundamental strength of our businesses to deliver sustainable long-term growth.

We successfully navigated the heightened economic uncertainty and regulatory headwinds which dominated the year to deliver a solid performance across all financial and non-financial indices.