Zenith Bank Rises Slightly after ‘Fund’ Amass Huge Shares
Zenith Bank Plc gained small weight in the equities market following directors dealing on the financial services company’s shares.
Details obtained by MarketForces Africa showed that Zenith Staff Provident Fund has been buying the bank shares in the market in large quantities.
According to trading data from the Nigerian Exchange (NGX), Zenith Bank Plc’s share price increased to N38 on Friday in the market.
The marginal weekly gain lifted its stock market valuation to N1.193 trillion, spread over its 31.396 billion shares outstanding on NGX.
Since Sept 6, Zenith Bank plc has been releasing notification of shares dealings by insiders. But these transactions appear to be minimal to push the financial services group share price higher.
Last week, Zenith Staff Provident Fund ramped up huge amount of shares in the equities market.
On the 12 of September, the fund acquired 9,454,220 shares in Zenith Bank at the rate of N37.13 in the stock market. The fund has on Sept bought 111,129,861 shares at the average rate of N27.73 per unit.
The staff provident fund also purchased 10,876,821 shares in the market at the average rate of N36.88 per unit, according to details from insider dealings.
The staff provident fund bought 137,959,088 shares in the market on September 9 at the average unit price of N37. The same day, the fund acquired 19,511,000 shares at the average rate of N37.15 in the market.
On Sept 6, the provident fund purchased 16,803,986 shares in the market at the average rate of N37.59. #Zenith Bank Rises Slightly after ‘Fund’ Amass Huge Shares
Flour Mills of Nigeria Hits 52-Week High as Investors Sentiment Improves
