Zenith Bank Plc surged by 5.04% in the equities market as investors rushed to acquire shares of the Ajose Adeogun-headquartered financial services firm on the Nigerian Exchange (NGX).
The share price increase, alongside renewed demand for other financial services stocks, contributed to a boost in the banking index performance on the local bourse. Market analysts attributed Zenith Bank’s latest rally to investor anticipation of its 2024 earnings release, with many taking positions ahead of the final dividend announcement.
Stockbrokers predict a further spike in demand for Zenith Bank shares once the group announces its profit and dividend for 2024. Data from the Nigerian Exchange revealed that Zenith Bank’s share price climbed to ₦47.9 on Monday, with over 55 million shares worth more than ₦2.6 billion traded.
Currently, the financial services group is trading at about an 8% discount to its 52-week high, maintaining a significant distance from its lowest price in the past 12 months.
Zenith Bank ranks second in market valuation on the Nigerian stock market, backed by a strong earnings record and consistent dividend payouts.
