Economy
Zenith Bank Emerges Best Performing Stock In July as Unity Bank Turns Worst
By Leadership Newspaper
The best performing stocks in the banking sector in the month of July were led by Zenith Bank Plc, Ecobank Transactional Incorporated Plc, and Guaranty Trust Bank Plc (GTBank).
According to Leadership Newspaper, as at the close of trading on Monday, July 31, the stock price of ETI added 18.1 percent or N2.25k per share to close at N16.50k from opening figure of N13.97k.
Similarly, prices of Zenith Bank and GTBank shares appreciated by 17.8 percent and 12.1 percent in July respectively.
Price appreciation in banks leveraged Nigerian Stock Exchange Banking Index growth of about percent from 397 basis points to 445.33 basis points in July, an increase of 12.2 percent or 48.33 basis points.
It implies that the NSE banking Index has appreciated by 63.3 percent and 171.01 basis points in seven months from 274.32 basis points it opened for trading in 2017.
Data collected by LEADERSHIP revealed that Zenith Bank’s stock opened the month under review at N20.89k and closed at N24.61k while GTBank, the third highest price gainer in the banking sector, closed July at N39.05k from N34.82k it opened for trading.
For the month under review, GTBank recorded the highest market capitalisation of about N1.15 trillion, behind Dangote Cement Plc that has N3.8 trillion in market last month.
Zenith Bank, on the other hand, has a market capitalisation of N772.8 billion while ETI has N302.8 billion in market capitalisation in July 2017.
Ironically, investors on the Nigerian Stock Exchange (NSE) continued to buy stock prices of these financial institutions over speculation of proposed interim dividend, Zenith Bank and GTBank specifically.
The above banks are yet to announce their earnings to the Exchange, LEADERSHIP can exclusively report.
A stockbroker who spoke with LEADERSHIP that does want his name in print said, “Zenith Bank and GTBank have a model that is working and delivering returns shareholders.
“If you look at their books, you will realize that they have delivered value over the years, and with them, it’s a steady growth, that’s what the investors are looking at,” he noted.
Other financial institution with stock price appreciation includes Skye bank Plc, United Bank For Africa Plc, Access Bank Plc and Stanbic IBTC Holdings Plc.
The stock price of Skye Bank added 13 percent or N0.08k to close at N0.68k while United Bank for Africa rose by 10.7 percent or N0.94k to close in July at N9.70k from N8.76k it opened.
Access Bank stock’s price added 8.1 percent or N0.75k to close at N10.05k per share.
Furthermore, the stock price of Stanbic IBTC Holdings increased by 8.8 percent or N2.90k to close July at N35.90k.
Despite impressive profitability in the half year ended June 2017, the stock price of Diamond Bank inched up by 4 percent or N0.05k to close at N1.29k.
The interim report and accounts of Diamond Bank showed significant growth in all key financial parameters as profit before tax surged year-on-year by 2.8 percent to N10.8 billion, this followed the leapfrogging of gross income over total expenses during the period under review.
Commenting on the bank’s stock performance, chief executive officer, Diamond Bank, Uzoma Dozie stated that despite the economic headwind, the Bank would remain resilient and sustain the positive growth throughout the two remaining business quarters.
Further investigations by LEADERSHIP revealed that Unity Bank Plc and Union Bank of Nigeria recorded the highest decline in July, followed by Fidelity Bank Plc.
The stock of Unity Bank fell by 8.9 percent or N0.06 to close at N0.61k from N0.67 in June. The stock price of Union Bank of Nigeria shed 14.4 percent to N5.24k from N6.12k it opened in July while Fidelity Bank dropped by 4.6 percent to close July at N1.25k.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded another milestone after it further closed higher by 1.18 per cent on Thursday amid renewed confidence in the market.
The All-Share Index (ASI) crossed the 170,000-point threshold during the session as it added 1,975.18 points to the preceding day’s 168,030.18 points to settle at 170,005.36 points.
Also yesterday, the market capitalisation of Customs Street was up by 1,268 trillion to N109.129 trillion from the N107.861 it ended a day earlier.
The growth recorded during the session was powered 55 equities, which outweighed the losses recorded by 19 other equities.
Guinea Insurance expanded by 10.00 per cent to N1.43, Seplat Energy grew by 10.00 per cent to N7,370.00, RT Briscoe increased by 9.95 per cent to N11.49, Neimeth chalked up 9.90 per cent to close at N11.10, and Zichis rose by 9.89 per cent to N6.11.
At the other side, Deap Capital lost 9.62 per cent to trade at N6.20, Universal Insurance slipped by 9.43 per cent to N1.44, Haldane McCall declined by 9.09 per cent to N4.00, Red Star Express went down by 9.04 per cent to N15.60, and UPDC depreciated by 7.02 per cent to N5.30.
Business Post reports that the energy index was up by 4.68 per cent, the industrial goods improved by 0.79 per cent, the banking space grew by 0.64 per cent, and the consumer goods sector soared by 0.11 per cent, while the insurance counter lost 0.31 per cent.
Yesterday, market participants traded 713.0 million stocks valued at N22.3 billion in 46,104 deals versus the 694.8 million stocks worth N20.6 billion transacted in 42,095 deals on Wednesday, showing a spike in the trading volume, value, and number of deals by 2.62 per cent, 8.25 per cent, and 9.52 per cent, respectively.
Access Holdings sold 106.6 million shares valued at N2.5 billion, Chams transacted 44.5 million equities worth N201.3 million, Champion Breweries traded 44.5 million stocks for N774.3 million, Universal Insurance exchanged 34.8 million shares worth N53.6 million, and Deap Capital sold 22.7 million equities valued at N141.9 million.
By Adedapo Adesanya
The Naira weakened against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, February 5, by N7.78 or 0.57 per cent to N1,366.06/$1 from the N1,358.28/$1 it was traded on Wednesday, according to data from the Central Bank of Nigeria (CBN).
The Nigerian currency also depreciated against the Euro in the same market segment yesterday by N5.92 to close at N1,611.95/€1 versus the preceding session’s closing price of N1,606.03/€1, but appreciated further against the Pound Sterling by N8.05 to N1,855.38/£1 from the previous day’s value of N1,863.43/£1.
The domestic currency’s exchange rate for international transactions on the GTBank Naira card was further strengthened after an N8 price appreciation on the greenback to settle at N1,375/$1 compared with the N1,383/$1 it was exchanged at midweek, and at the black market, it maintained stability at N1,450/$1.
The loss suffered by the Nigerian Naira in the official market appears to be an isolated event, as Nigeria’s gross external reserves rose to $46.80 billion as of February 4, 2026, from $46.70 billion a day earlier, underscoring improved capacity to meet foreign obligations and support market confidence.
The local currency has been able to find a solid path despite no indications of any intervention from the apex bank in recent week strengthening the case of price discovery.
As for the digital currency market, Bitcoin (BTC) tumbled more than 13 per cent over the past 24 hours, selling at $63,075.23, its steepest one-day decline since the FTX-driven crash in November 2022.
The sell-off extended beyond crypto, with silver plunging 15 per cent and gold sliding more than 2 per cent. US stocks also fell.
The latest downturn comes as investor confidence in crypto’s utility as a store of value, inflation hedge, and digital currency falters.
Ripple (XRP) plunged by 23.4 per cent to $1.15, Dogecoin (DOGE) went down by 14.2 per cent to $0.0879, Cardano (ADA) declined by 13.4 per cent to $0.2459, Binance Coin (BNB) slumped by 13.2 per cent to $606.83, Solana (SOL) dipped by 13.1 per cent to $78.70, Ethereum (ETH) crashed by 13.0 per cent to $1,841.67, and Litecoin (LTC) lost 13.1 per cent to trade at $50.70, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were at $1.00 each.
By Adedapo Adesanya
Crude oil was down by almost 3 per cent on Thursday in choppy trading, after the US and Iran agreed to hold talks in Oman on Friday.
Brent crude futures depleted by $1.91 or 2.75 per cent to trade at $67.55 per barrel, and the US West Texas Intermediate (WTI) crude futures slumped by $1.85 or 2.84 per cent to $63.29 per barrel.
The US and Iran are set to hold nuclear talks in Oman today after President Donald Trump warned the country’s supreme leader should be “very worried.”
The high-stakes talks are scheduled to take place on Friday in the Omani capital, Muscat, and will involve Iranian Foreign Minister Abbas Araghchi and President Trump’s special envoy, Mr Steve Witkoff.
Tensions between the two countries have escalated sharply in recent weeks following a deadly crackdown by Iranian security forces on nationwide anti-government protesters. The crackdown prompted Trump to send a US military “armada” to the region and threaten to launch strikes.
Now, market analysts noted that the talks are being given the benefit of the doubt, but noted scepticism that any reasonable deal could be made with Iran.
The discussions come as the US builds up forces in the Middle East, and regional players seek to avoid a military confrontation that many fear could escalate into a wider war and impact the Strait of Hormuz.
About a fifth of the world’s total oil consumption passes through the Strait of Hormuz between Oman and Iran. Other OPEC members, Saudi Arabia, the United Arab Emirates, Kuwait and Iraq, export most of their crude via the strait, as does Iran.
Strength in the US Dollar and volatility in precious metals also weighed on commodities and risk sentiment more broadly on Thursday. The greenback getting stronger makes oil expensive for holders of other currencies.
On the supply side, discounts on Russian oil exports to China widened to new records this week as sellers cut prices to attract demand from the world’s top crude importer and offset the likely loss of Indian sales. This week, a trade deal was announced between the US and India, which agreed to halt purchases of Russian crude.
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