The Group Managing Director and Chief Executive Officer, Zenith Bank Plc, Ebenezer Onyeagwu has purchased additional 5 million shares of Zenith Bank.
The leading bank disclosed in a statement issued through the Nigerian Stock Exchange on Monday.
Ebenezer Onyeagwu purchased the 5 million shares in four different transactions on Friday, March 19, 2021.
The GMD/CEO acquired 2 million shares at N22.25 a share before adding another 1 million shares at N22.30 per share on the same day.
He then increased his holdings by another 1.5 million shares of the bank at N22.60 a unit.
Finally, he bought 500,000 shares at N22.65 per unit to take the total purchase for that day to 5 million at an average price of N22.41 and valuation of N112.050 million.
Recently, executives at Zenith Bank have been dumping millions on the company’s share in a robust insider trading.
In December 2020, Temitope Fasoranti, an executive director of the bank, bought 1 million shares at N23.65 million valuation while another executive Dennis Olisa dumped another N53.6 million on 2 million shares of Zenith Bank on February 24, 2021.
These transactions were carried out ahead of the bank’s 2020 dividend declaration. The shareholders of the bank approved a final dividend of N2.70k for the year, this means Dennis Olisa will pocket an additional N5.4 million while Fasoranti will take home an extra N2.7 million.
Bearish Sentiment Persists: Investors Lose N112 Billion on NGX
Nigerian Stock Market Dips as Weak Momentum Drains N39 Billion from Investors
Dr. Yemi Cardoso’s Nomination Boosts Confidence as Stock Investors Gained N264 Billion
The bullish momentum in the Nigerian Exchange Limited continued on Tuesday as investors pocketed N264 billion in profit following Monday’s gains of N263 billion.
Both the market capitalization and the All-Share Index, which gauge the movement of share prices for all listed companies surged by 0.71 percent to N37.413 trillion and 68,359.22 points, respectively.
This optimistic trading trend emerges as investors increasingly show confidence in the local market and the broader economy, fueled in part by the news of Dr. Yemi Cardoso’s nomination as the Governor of the Central Bank of Nigeria.
As Tuesday’s session drew to a close, the volume of shares traded experienced a significant uptick of 31.33 percent to 676.74 million. However, the number of deals declined by 8.35 percent to 7,659 while the total trade value decreased by 33.97 percent to N5.89 billion.
Market sentiments also leaned towards the bullish side, with 36 gainers outpacing the 27 losers.
Among the top-performing stocks that caught the attention of investors were:
- Berger Paints Plc, which surged by 9.95 percent to conclude the trading day at N11.60.
- Oando Plc, which recently released its audited results for 2021, saw a 9.92 percent increase, closing at N13.30.
- BUA Foods, which gained 6.32 percent to close at N196.70.
- PZ’s shares appreciated by 1.45 percent per unit, ending at N20.
- GTCO Plc stock increased in value by 0.43 percent, closing at N35.40.
On the flip side, the top losers included:
- SCOA Plc, witnessing a 10 percent depreciation in its shares, closing at N1.24.
- Unilever’s shares recorded an 8.28 percent drop, concluding at N13.30.
- United Bank for Africa Plc, which lost 1.96 percent in share value, closing at N17.50.
- FBN Holdings Plc, suffering a 1.69 percent decline, closing at N17.40.
- Accesscorp’s shares depreciated by 0.29 percent, closing trading at N17.40.
The Nigerian Exchange continues to display its resilience and attractiveness to investors, making it an exciting space to watch for potential opportunities and market trends.
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