Zenith Bank shareholders lost over N3.13 billion in three days after the company’s equity capitalisation declined in the capital market between Tuesday and Thursday.
The financial institution’s market capitalisation dropped in the course of the week amid low investor confidence, which has seen the stock price lose value.
As at the end of trading in the Nigerian bourse on Thursday, the capitalisation of Zenith Bank settled at N747.23 billion, down by 0.41% according to the analysis of the stock performance.
It had dropped from N747.23 billion on Tuesday, June 22, 2021, which was when the company’s share price began to depreciate before it appreciated on Thursday, June 24, 2021.
Within this period, the stock price had shed N0.1kobo, but not before it dropped from Monday’s N23.9kobo to N23.8kobo the next day, then depreciated to N23.5kobo on Wednesday, before ending Thursday with N23.8kobo after gaining.
Meanwhile, Ebenezer Onyeagwu, the Group Managing Director of Zenith Bank, invested N112 million in the lender.
He purchased five million shares with the fund in different tranches. Onyeagwu initially acquired two million units of shares, before purchasing another one million units.
The GMD also bought 1.5 million and 500,000 units of shares. This acquisition was meant to increase his stake in Zenith Bank.
Source: Read more at vanguardngr.com
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