Zenith Bank Sees Slight Gain on Huge Trading Volume
Nigeria’s tier-1 lender, Zenith Bank Plc, ticked higher to N60 per share amidst increased market activities, reflecting investors’ positive expectations.
The bank share opened the trading session at N59.75, reflecting about 36% upside potential from equities analysts’ updated target price.
According to data obtained from the Nigerian Exchange, the share price of Zenith Bank rose to N60 on Friday close as 15.065 million units of the company valued at N908.044 million exchanged ownership.
Transaction volumes were heavy due to block trades fuelled by strategic investors taking positions ahead of fourth quarter earnings release.
Stockbrokers told MarketForces Africa that offshore investors rotated portfolios into financial stocks, boosting trading volume.
With significant trading volume that ranged between an intraweek low of 9.838 million and 91 million units, Zenith Bank’s price hovered around N60, a resistance level for the week.
Zenith Bank has delivered a 32% return to shareholders year to date, ranking as one of the best performers among Tier 1 banks.
Market value of Zenith Bank Plc’s 41.069 billion outstanding shares in the Nigerian market climbed slightly to N2.464 trillion at the close of the trading session on Friday, a sizeable discount below the highest value in 52 weeks.
Stockbrokers are generally positive on Zenith Bank’s earnings strength and market performance – reflected in its bucket of buying recommendations across Broadstreet.
In its stock recommendation for the week, FSDH Group projected 35.93% upside potential for the bank with the target price set at N81.22. # Zenith Bank Sees Slight Gain on Huge Trading Volume
