Nigeria’s financial behemoth, Zenith Bank Plc has crossed the N1 trillion market valuation mark following the ongoing share buying spree on the floor of the Nigerian Exchange.
This is the first financial service group to achieve the feat over the years, according to data from the Nigerian Exchange. Thus, Zenith Bank has become the most valuable financial service brand listed in the Nigerian stock market.
The tier-1 bank was rerated again as the market wait to see better, healthier banking sector regulation after Godwin Emefiele’s suspension as Central Bank governor. The bank share surged 10% for the second day as equities bet large on financial services stocks. There was special interest in Zenith Bank’s share.
More than 119 million shares exchange hands on the floor of the Nigerian Exchange at a total transaction value of N4.027 billion. After the transactions, Zenith Bank’s share price became more expensive at N33.80, from N30.8 the previous day.
In one month, Zenith Bank’s share has gained more than 40% and stockbrokers are projecting that the ongoing rally in the market may persist throughout this week and beyond.
At the close of the trading session, the tier-1 bank’s 31.396 shares outstanding were valued at N1.061 trillion, after a daily gain of 10%. The second most valuable financial service brand, GTCO Plc, was valued at N991 billion amidst stock market rallies.
