Zenith Bank hits 52-week high as investors bet on strong earnings
BY TEMITOPE ADEBAYO
Zenith Bank Plc surged to a new 52-week high as investors positioned for strong earnings results, driven by its successful capital raise ahead of the Central Bank of Nigeria’s (CBN) recapitalisation deadline.
The bank’s share price climbed to N52 on Friday following heightened demand from both local and foreign portfolio investors on the Nigerian Exchange (NGX).
Trading records show that 16.8 million shares worth N854.79 million changed hands, capping a week of significant activity in the bank’s stock.
Earlier in the week, Zenith Bank saw strong liquidity, with over 54.5 million shares traded on Monday alone. This momentum continued with 29.5 million shares exchanged on Tuesday, 44.7 million on Wednesday, and 40.5 million on Thursday, reinforcing investor confidence in the stock.
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With its market capitalisation now at N1.632 trillion, Zenith Bank remains the second most valuable banking stock on the NGX and is on track to cross the N2 trillion mark, following its closest rival, GTCO Plc.
AIICO Capital Limited noted that offshore investors also played a key role in the latest rally. Market analysts expect Zenith Bank’s full-year 2024 earnings report to reflect improved financial performance, with stronger earnings per share and higher dividend payouts anticipated.
