Zenith Bank Makes History, Becomes First Commercial Bank to Hit N1trn Valuation, Joins Dangote, 3 Others
- Zenith Bank has broken into the league of most capitalized stocks in Nigeria and is first financial institution to do so
- The bank hit the N1 trillion mark in market capitalization, joining Airtel Africa, MTN Nigeria, and BUA Foods, among others in the group
- The share price of the bank appreciated by 3.23% to close at N32 per share, sending it above the N1 trillion mark
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Zenith Bank is the latest company to join the group of stocks worth over N1 trillion as market capitalization surpassed the N1 trillion mark during the week.
The other stocks with over N1 trillion are Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods, and BUA Cement.
Source: UGC
According to reports. the bank’s share price appreciated by 3.23% from last week, closing at N32 per share to take its market cap above one trillion to close at N1,004 trillion.
The combined market capitalization of the big companies is now valued at N21.560 trillion from N20.617 trillion the week before.
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The shares of BUA Cement, Dangote Cement, and Zenith Bank gained, Airtel and MTN closed negative while BUA Foods remained unchanged from last week.
The big companies make up 66.7% of the NGX market cap.
Zenith Bank’s shares appreciated by 3.23% from last week to close at N32 per share. Its market cap gained N31.39 billion to close at N1,004 trillion.
The bank is the only financial institution to belong to the group of most capitalized stocks in Nigeria.
Access Bank, First Bank, 7 others buy $29.5 million from CBN at N765 to a dollar at FX auction
Legit.ng reported that the Central Bank of Nigeria (CBN) supplied about $29.5 million at an FX auction on Thursday, June 21, 2023, as nine banks bid N765 and N755 at the I&E window.
But the naira depreciated by 0.25% on Thursday, June 22, 2023, at the Investors and Exporters window as the dollar was quoted at N765.13 against the dollar as against N763.17 quoted on Wednesday, June 21, 2023, according to data from the FMDQ.
BusinessDay reports that traders attributed the naira depreciation to increased demand for the dollar from persons who want to travel for education, tourism, and business.
Source: Legit.ng
