NSE Adjusts Share Prices of GTBank, UBA, Stanbic IBTC

GTBank

By Dipo Olowookere

The share prices of three banks trading their securities on the Nigerian Stock Exchange (NSE) were on Wednesday, September 16, 2020, adjusted.

The affected companies are Guaranty Trust Bank (GTBank) Plc, Stanbic IBTC Holding Plc and United Bank for Africa (UBA) Plc.

The action was taken by the stock exchange to reflect the deductions of the interim dividend proposed by their respective boards for the half-year ended June 30, 2020.

The qualification date for the cash reward was yesterday, Tuesday, September 15, 2020.

This means those who are qualified to get bank credit alerts for the dividend must have had shares of these companies in their portfolio at the close of business yesterday.

The board of GTBank recently proposed to pay shareholders of the company an interim dividend of 30 kobo per unit and the qualification date was Tuesday, September 15.

The register of members will be closed today to allow the registrar, Datamax Registrars, to collate names of investors who should be expecting the credit alerts on Monday, September 21, 2020.

Business Post reports that at the close of transactions yesterday, the share price of GTBank closed at N25.15 per unit and on Wednesday, the equity price was adjusted to N24.85 per unit after the value of the interim dividend, 30 kobo, was deducted from the qualification date’s closing price.

On the part of Stanbic IBTC Holdings, its board recommended the payment of an interim dividend of 40 kobo for the first half of the year.

The qualification date for this was also Tuesday, September 15, 2020, while the register of members will be closed from Wednesday, September 16 to 23, 2020, with the payment expected on Wednesday, September 30, 2020.

Also, the NSE today removed the 40 kobo cash reward value from the Tuesday closing price of Stanbic IBTC, N39.50. This made the equity price of the company to open today at N39.10 on the floor of the exchange.

When the board of UBA released the financial statements of UBA some days ago, an interim dividend of 17 kobo was proposed and the qualification date was Tuesday is UBA. The closure of register was fixed for Wednesday, September 16, while the payment is expected on Wednesday, September 23, 2020.

Yesterday, which was the last day for investors to have the company’s stocks in their possession in order to get the cash reward, the value closed at the exchange at N6.15 per unit. Today, the price was adjusted to N5.98 per share after the 17 kobo was deducted.

“The equity prices of Stanbic IBTC Holding Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc were adjusted today, September 16, 2020, for dividends as recommended by their respective boards of directors.

“The price of UBA was rounded up by the system to N6.00 in conformity with the price step methodology,” a notice from the exchange on Wednesday stated.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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