Jaiz Bank Plc market has been tightened around N78 billion after investors sold off the Islamic lender’s shares on the Nigerian Exchange (NGX) trading platform.
The Islamic lender share price has fallen sharply below its 12 months high in the equities market due to sell pressures.
Jaiz Bank traded at about 44% discount to its 52 week high on the Nigerian Exchange. The price decline has created opportunity to buy the stock cheap in the market amidst plan to recapitalise the non-interest bank.
Data showed that trading activities on the Non-interest bank shares were strong during the last five trading sessions. Volume of shares of Jaiz Bank traded on the Nigerian Exchange was higher on Wednesday (7.917 million) on Tuesday (6.824 million) and on Thursday (4.887 million).
Most of the transactions conducted were skewed to sell side, crashing its market price. On Friday, the market priced Jaiz Bank’s 34.541 billion shares outstanding down to N77.717 billion.
In the last seven trading session on the Nigerian Bourse, the Islamic lender has seen share price declining from N2.42 to N2.25 on the back of investors weak sentiment.
Jaiz Bank PLC is expected to release third quarter earnings session in the coming days. The bank forecasted N5.517 billion as third quarter profit on N21.227 billion gross earnings expectation. #Jaiz Bank Value Falls below N78bn ahead of Q3 Earnings
-By MarketForce