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 Aduragbemi Omiyale
In the first quarter of its financial year ended June 30, 2026, Airtel Africa Plc showed resilience in the midst of challenging operating environments, churning out strong operating performance with accelerating customer base growth across all segments.
It was observed that the total customer base in Q1 2027 increased by 11.6 per cent to 189 million, with data customers rising by 15.5 per cent to 87.3 million.
In addition, data usage per customer continued its upward trajectory, rising from 7.8 GB to 10.6 GB per month over the past year, translating into a 56.3 per cent increase in data traffic across the network, underpinning a 10.3 per cent growth in constant currency data ARPU. Smartphone penetration was the key enabler of this increased traffic as penetration increased to 51.0 per cent as digital adoption of our services continues.
A look at the financial performance indicated that revenue in reported currency grew by 31.0 per cent to $1.85 billion, reflecting constant currency growth of 21.1 per cent and macroeconomic tailwinds supporting currency appreciation.
All segments continued to see double-digit constant currency revenue growth, with mobile services revenue growing by 19.1 per cent, and mobile money growing by 25.8 per cent.
Across mobile services, voice continued to see strong constant currency growth of 11.2 per cent and data revenue grew by 27.2 per cent.
In East Africa and Francophone Africa, constant currency revenues grew by 17.8 per cent and 18.0 per cent, respectively, while Nigerian revenues grew by 29.8 per cent, fully reflecting the lapping effect of the tariff adjustments which were implemented in the fourth quarter of 2025.
Constant currency EBITDA went up by 24.4 per cent, with reported currency EBITDA of $928 million growing by 36.6 per cent. The Q1’27 EBITDA margin of 50.1 per cent, an increase of 206bps year-on-year, continues to reflect the success of the company’s ongoing cost optimisation programme, despite the recent energy cost inflation arising from geopolitical developments.
The post-tax profit improved to $198 million from $156 million in the prior period, with higher profit after tax in the current period driven by elevated operating profit partially offset by derivative and foreign exchange losses of $6 million in the current period compared to $22 million derivative and foreign exchange gains in the prior period.
Furthermore, Profit after tax was impacted by the recognition of an exceptional finance cost of $37 million following an in-principle settlement reached during the quarter in respect of a commercial dispute in one of the group’s subsidiaries.
Commenting on the results, the chief executive of Airtel Africa, Mr Sunil Taldar, said, “We have started this year with another pleasing performance. Our continued focus on the customer experience translated into accelerating customer base growth across all business segments.
“As we continue to digitise our business, we are streamlining customer journeys, increasing digital adoption and harnessing data and AI to improve service delivery and support a strong, sustainable growth profile.”
By Aduragbemi Omiyale
One of the nation’s top brewers, Guinness Nigeria Plc, is paying an interim dividend of N7 per share to its shareholders for the period ended June 30, 2026.
The funds should, on August 10, 2026, hit the bank accounts of investors whose names appear in the Register of Members as of the close of business on Wednesday, July 29, 2026, a regulatory note from the organisation disclosed.
The firm has informed shareholders who have yet to complete the e-dividend registration to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on its website, so as not to be left out of the cash reward for the first half of this year.
In the first six months of 2026, Guinness Nigeria grew its net profit by 53.33 per cent to N25.3 billion from N16.5 billion in the same period of 2025, amid improved top line and better management of administrative, marketing and distribution costs.
The revenue for the period under consideration rose to N265.0 billion from N237.0 billion, boosted by domestic sales of its products, which accounted for N260.9 billion compared with N237.0 billion a year earlier. The balance was from its export sales. This showed that over 98 per cent of the company’s earnings are from sales in Nigeria.
In the first half of the year, Guinness Nigeria improved its gross profit to N97.5 billion from N89.4 billion in the same period of 2025, as its finance income, arising from financial assets and others, stood at N1.2 billion compared with N110.7 million in H1 of 2026.
By Adedapo Adesanya
The federal government has reaffirmed its commitment to mobilising domestic capital to finance Nigeria’s long-term development, saying stronger local investment will be critical to accelerating economic transformation and attracting private sector participation.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, stated this while speaking at the 6th Annual General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI) in Abuja on Thursday.
The Minister’s remarks were contained in a statement on Friday, July 24, by his Senior Special Assistant on Communications and Press Secretary, Mrs Maryann Duke.
Addressing the conference with the theme, Unlocking Domestic Capital for Development Financing, Mr Oyedele said Nigeria must harness its domestic financial resources and strengthen institutions that can channel capital into productive sectors of the economy.
He noted that despite increasingly difficult global financing conditions, the country possesses substantial domestic savings, institutional assets and private capital that can be leveraged to fund infrastructure, industrialisation, agriculture, housing, innovation and other critical sectors.
According to the minister, domestic capital should not be viewed as an alternative to foreign investment but as the foundation for attracting sustainable international investment.
“Our focus is to build an economy where confidence leads capital. By strengthening macroeconomic stability, deepening our financial markets and empowering development finance institutions to catalyse private investment, we are unlocking Nigeria’s enormous domestic potential to finance inclusive and sustainable growth,” Mr Oyedele said.
He said the federal government’s ongoing economic reforms under the Renewed Hope Agenda are beginning to deliver positive outcomes, including improved investor confidence, stronger external reserves, enhanced revenue generation and renewed international confidence in Nigeria’s economy.
The Minister identified five priority areas for unlocking domestic capital, including expanding investment opportunities for households, deepening institutional capital through pension and insurance assets, strengthening credit enhancement mechanisms, broadening local currency financing through the capital market, and building stronger development finance institutions capable of attracting larger volumes of private investment.
Mr Oyedele also called on development finance institutions to move beyond conventional lending by helping to structure bankable projects, reduce investment risks, support policy reforms and create financing ecosystems that encourage greater private sector participation.
He reaffirmed the Federal Government’s commitment to working with development finance institutions, financial regulators, investors and development partners to develop a financing framework that will support businesses, create jobs, accelerate industrialisation and promote inclusive economic growth across the country.
