Jaiz Bank Lost 10% as Investors Dump Shares
Jaiz Bank Plc faced a significant selloff, with its market value plunging 10% as investors offloaded shares associated with Islamic finance.
The sell-offs were linked to deteriorated investor sentiment, reversing the recent rally amidst warnings of unusual price swings in the local bourse.
On Wednesday, the Nigerian first non-interest banking institution’s share price fell to N10.8, with an impressive volume of over 51 million shares changing hands, totalling N576 million in traded value.
Currently, the bank’s share price stands at a seven-day low, a sharp decline from its previous high of N14.04, reflecting a concerning deterioration in investor confidence.
The market capitalisation of Jaiz Bank Plc., based on its 44.589 billion outstanding shares, has decreased dramatically from N1.1 trillion to N481.565 billion in just one trading day.
Moreover, the 30% gap between the bank’s 52-week high and market price underscores the volatility and uncertainty surrounding its future in the market. CBN to Sell Nigerian Treasury Bills to Investors Midweek
