Zenith Bank Hits New 12-Month High
Zenith Bank Plc’s market capitalisation surged sharply to a new 12-month high on the Nigerian Exchange (NGX) as investors increased bets in the local lender.
The bank has seen a significant increase in trading volume, led by buy-side investors enhancing their portfolio holdings ahead of earnings release.
Reflecting its sharp rally, Zenith Bank’s share price increased by 9.95% on the day on sizeable trading volume transacted, excluding blocked deals.
Trading data from the Nigerian market indicated that Zenith Bank’s share price rose to N89.50 as 69.285 million units valued at N5.933 billion were transacted in the stock market.
This share price traded at the highest valuation on record in the local bourse as pension money began to flow into stocks with fundamentals and upside potential.
At the close of the trading session, investors now valued Zenith Bank Plc.’s 41.069 billion shares outstanding for N3.675 trillion, its highest valuation in 12 months. CBN Allots OMO Bills Expiring in 8 Days to Investors
