Jaiz Bank Rises by 20% after Notice of Close Period
Jaiz Bank Plc’s market value surged by about 20% in the equities market due to increased buying interest after the Islamic lender announced closed period.
The non-interest bank share price rose from N1.95 at the beginning of the week to N2.33 on Friday, according to trading data tracked on the Nigerian Exchange.
In a regulatory filing, Jaiz Bank told the Nigerian Exchange that its close period started from July 1, asking insiders and connected persons not to trade the Islamic bank’s shares until after release of second quarter earnings.
The non-interest latest insider notice revealed that Haruna Musa, its management director and chief executive officer purchased 10 million shares at average price of N2.25 between 27 and 29 May, 2024.
MarketForces Africa reported that Jaiz Bank Plc planned to generate approximately N5 billion in net profit in the second quarter of the financial year 2024.
In its earnings forecast, Jaiz Plc said gross earnings would print at N19.317 billion in the period. The bank forecasted that income from contract financing would settle at N17.99 billion in Q2.
With about N7.5 billion estimated as operating expenses, pretax profit is projected to reach N5.459 billion in Q2. Jaiz Bank Plc forecasted a tax provision of N546 million in the period, leaving net profit at N4.913 billion in Q2. #Jaiz Bank Rises by 20% after Notice of Close Period
