Ecobank Hits Record High as Investors Sentiments Improve
Ecobank Group Plc.’s stock market valuation soared to a new 52-week high on the Nigerian Exchange (NGX), thanks to shareholders improved sentiment. The financial services group climbed to N34.7 due to price upticks spanning three successive days in the local bourse, from N31.3 at the beginning of the trading sessions last week.
The renewed interest in Ecobank shares raised its market value to about N634 billion on the Nigerian Exchange ahead of earnings release.
Stockbrokers said improved sentiment was key to its higher price in the just concluded week, as market awaits the release of the Pan African lender’s audited numbers in the coming weeks. Analysts maintain positive outlook on Ecobank group on the back of its earnings diversification and robust balance sheet quality.
Ecobank Group is in the midst of recapitalizing its local subsidiary, Ecobank Nigeria Limited, who requires only small injection to meet N200 billion capital base. In a latest update, Fitch Ratings revealed that Group has capital raising plans to restore capital adequacy ratio compliance of its Nigerian subsidiary.
Ecobank Plc told the Nigerian Exchange about board of directors plans to hold meeting on March 20, 2025 to consider the Financial Statements for the year ending 31 December 2024. #Ecobank Hits Record High as Investors Sentiments Improve Ministry Seeks $2 billion Fibre Optics Funding
