Zenith Bank Hits 52-Week High in Fresh Rally Ahead of Earnings
Zenith Bank Plc blazed through in the equities market as investors took positions in anticipation of strong earnings results following a successful capital boost ahead of recapitalisation deadline.
The bank share price hit a new 52-week high in the equities market as local and foreign portfolio investors ramped up shares in the equities segment of the Nigerian Exchange (NGX) in the just concluded week.
The bank with international authorisation has recently surpassed its new capital base of N500 billion requirement by the Central Bank of Nigeria (CBN). Its share price climbed to N52 in the stock market after strong volume of shares that exchanged hands on Friday.
Trading records revealed that about 16.8 million shares valued at N854.785 million were etraded on Friday. This was the lowest in the week, according to record.
Reflecting healthy liquidity, more than 54.5 million shares of Zenith Bank were traded at the beginning of trading sessions last week: 29.5 million volume on Tuesday, 44.7 million on Wednesday, and 40.5 million on Thursday.
The latest rally on the financial services company lifted its market value to N1.632 trillion ahead of its recent offer listing, the second most valuable stocks in the Nigerian banking sector.
Zenith Bank, the second largest banking name in the local bourse, is also expected to cross N2 trillion market, tracking its immediate rival, GTCO Plc. “There was also significant activity from offshore investors in Zenith Bank… AIICO Capital Limited told investors in a note.
The market awaits the release of Zenith Bank Plc full-year earnings release for 2024 with the expectation of an improved performance across key investors’ metrics. Earnings per share is expected to get better, while analysts anticipate dividend growth for 2024. #Zenith Bank Hits 52-Week High in Fresh Rally Ahead of Earnings CBN Opens FX Window for BDC to Stock up at NFEM Rate
