Zenith Bank Plc’s market value increased strongly in the equities market on the back of increased bargain hunting on the Nigerian Exchange, spurred by rising investors’ confidence.

The bank’s market value rose to N2.382 trillion at the close of the trading session on the Nigerian bourse, up by 16.23% week on week, on the back of improved trading activities.

For buy-side stock market investors, the second quarter earnings release and potential dividend announcement are the next catalysts that could fuel Zenith Bank’s price adjustment.

The market hopes earnings will not relapse, and there are feelings banks will contest for attention with the amount of dividends they can offer their shareholders—a cue taken from a trend observed in 2024.

The bank briefly touched a new high with the share price hitting N58.55 during the intraday trading session on rising investors’ confidence, then retreated to N58, which was 30 kobo drop from the previous day’s close.

Value hunters increased demand for Zenith Bank in the stock market pushed its share price up in anticipation of an interim dividend.

Zenith Bank assured its shareholders of stable dividend payments as it announced plans to exit Central Bank of Nigeria (CBN) forbearance and single obligor breaches, which came with dividend restrictions.

Investors appear to have started taking positions ahead of the second quarter earnings release and anticipation of an interim dividend.

Analysts said big banks are expected to compete with dividend payments, following a pattern witnessed among top-tier lenders in the financial year 2024.

At the close of the trading session on Friday, Zenith Bank Plc.’s 41.069 billion shares outstanding in the equities market were valued at N2.382 trillion.

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