Jaiz Bank Falls 50% Below 52-Week High
Jaiz Bank Plc market valuation dipped further on Thursday after the Islamic lender announced its 2023 and Q1-2024 earnings scorecard. Though profit came stronger, its shareholders appear to be unimpressed as the selling spree continues, causing the price to dip to N2 per share, 50% below its 52 week high of N4.01.
The market value of Nigeria’s first non-interest bank plummeted to N69 billion amid the banking sector’s recapitalization program. Since the beginning of the week, large volume of Jaiz Bank Plc has been exchanging hands in the local bourse. About 14 million shares of the non-interest bank were traded on Monday, causing decline in market price to N2.08 per share.
Similar actions on Tuesday caused its price to drop as 11.55 million shares were traded on the local exchange. Sixty-eight percent of Jaiz Bank Plc’s market-traded shares are owned by the company’s majority shareholders. The majority shareholders breakdown include:
Dr.Muhammadu Indimi (24.06%), Dantata Investment & Securities Limited (11.64%). Dr. Umaru Abdul Mutallab (10.13%). Altani Investment Limited (7.53%), Islamic Development Bank (7.26%) and Dangote Industries Ltd (7.24%).
Jaiz Bank declared that the Islamic lender reported free float value of N15,678,647,261.66 or 23.40% as of December 31, 2023, in compliance with the Nigerian Exchange Group’s free float requirements for companies listed on the Main Board. #Jaiz Bank Falls 50% Below 52-Week High
