Zenith Bank Rises after Huge Volume Traded
Zenith Bank Plc has gained weight on the Nigerian Exchange (NGX) in the week after selling routs that reduce the market of the financial services company below N1 trillion.
It didn’t take long before Zenith Bank rejoined the club of 10-digit market capitalisation companies listed in on the Nigerian bourse ahead of its earnings announcement.
The bank’s market valuation climbed to N1.175 trillion yesterday following huge volume shares that exchanged hands in the local bourse.
Data from the Nigerian Exchange showed that Zenith Bank has climbed to N37.45 per share from N35.70 at the beginning of the week. The price surge followed continue bargain hunting in the banking names.
On Thursday, there was significant transection on Zenith Bank shares in the market. Data showed than more than 24 million shares of the company exchanged hands.
The huge volume traded lifted Zenith bank share price from N35.85 to N37.45 in the market. In term of year to date return performance, Zenith bank is negative.
However, Afrinvest Limited estimated about 17% upside potential at 12 months target price of N41.70 per share. With more than 29% return in equity, equity analysts categorized the bank among lenders with strong, healthy fundamentals. FBN Holdings Plc Climbs as Sell Pressures Ease
