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Thursday,
March 12, 2020 / 05:48 PM / By Proshare Research / Header Image Credit: Zenith Bank
Just like the trend of negative performance witnessed
in the market during the week by the majority of stocks listed on the Nigerian
bourse, the shares of Zenith Bank
Plc has been on downtrend since the beginning of the week. The share which
closed the previous week at N18.80k hits N16.95k on Monday 9th March
2020. This represents -9.84% drop. It further
dropped by -23.01% on Tuesday 10th
March 2020, by -7.66% on Wed March 11th
2020 and by -9.96% at the close of trading today
to eventually hit N10.85k.
Chart
1: Zenith Bank
Share Price Movement Wtd
Table 1: Zenith Bank Share Price Movement Wtd
Zenith Bank |
||||
S/No |
Symbol |
Previous |
Current |
% Chg |
1 |
09-Mar-20 |
18.80 |
16.95
|
-9.84% |
2 |
10-Mar-20 |
16.95 |
13.05
|
-23.01% |
3 |
11-Mar-20 |
13.05 |
12.05
|
-7.66% |
4 |
12-Mar-20 |
12.05 |
10.85
|
-9.96% |
Source: NSE, Proshare Research |
Week-to-date (Wtd), the stock has dropped by
-42.29% as against -13.64% recorded by the NSEASI. This reflects that the
shares of Zenith Bank has underperformed the NSEASI within the period under
review.
Table 2: Zenith Bank Share Price Performance Mtd
S/No |
Symbol |
31-Dec-19 |
28-Feb-20 |
% Chg |
06-Mar-20 |
12-Mar-20 |
WTD % |
MTD % |
1 |
ZENITHBANK |
18.60 |
18.50 |
-0.54% |
18.80 |
10.85 |
-42.29% |
-41.35% |
Source: NSE, Proshare Research |
In Naira terms, Zenith Bank has lost N249.60bn in
Market CAP Wtd and N240.18bn Month-to-date (Mtd). See table 3 below The Market CAP of Zenith Bank
recorded it highest single day drop on March 10th 2020 with
N122.45bn lost in Market CAP. See table 4 below
Table 3: Zenith Bank Market CAP
Zenith Bank - Market CAP |
||||
S/No |
Symbol |
Previous |
Current |
Diff |
1 |
09-Mar-20 |
590,254,083,176.80 |
532,170,569,672.70 |
(58,083,513,504.10) |
2 |
10-Mar-20 |
532,170,569,672.70 |
409,724,243,907.30 |
(122,446,325,765.40) |
3 |
11-Mar-20 |
409,724,243,907.30 |
378,327,750,121.30 |
(31,396,493,786.00) |
4 |
12-Mar-20 |
378,327,750,121.30 |
340,651,957,578.10 |
(37,675,792,543.20) |
Banking Stocks
A review of the banking stocks performance
week-to-date refleected that ZENITHBANK
recorded the highest loss. It dropped by -42.29%. it was followed closely by ACCESS and GUARANTY
with -31.18% and -26.42% loss respectively while STANBIC
and UBN
recorded the least loss with -16.29% and
-14.89% loss in that order.
Banking Stocks |
||||
S/No |
Symbol |
06-Mar-20 |
13-Mar-20 |
% Chg |
1 |
18.80 |
10.85 |
-42.29% |
|
2 |
8.50 |
5.85
|
-31.18% |
|
3 |
24.60 |
18.10 |
-26.42% |
|
4 |
1.56 |
1.15 |
-26.28% |
|
5 |
5.35 |
4.00
|
-25.23% |
|
6 |
5.85 |
4.40
|
-24.79% |
|
7 |
0.61 |
0.46 |
-24.59% |
|
8 |
2.00 |
1.53
|
-23.50% |
|
9 |
1.85 |
1.50
|
-18.92% |
|
10 |
0.53 |
0.43 |
-18.87% |
|
11 |
6.90 |
5.60 |
-18.84% |
|
12 |
35.00 |
29.30 |
-16.29% |
|
13 |
7.05 |
6.00 |
-14.89% |
Source: NSE, Proshare Research
The
Zenith Bank price decline reflected a general fall in banking sector equity
prices in the course of the week as investors shifted from naira-denominated
equities to safer dollar-denominated investment havens. The Banking Sector
Index as at Thursday, March 12, 2020 fell by -8.51% from the previous Index
value on Wednesday 11, 2020. Indeed for the week to Friday, March 13, 2020 the Index caved
29.11%. The fall in Zenith Bank shares was in line with overall market sell
offs with the banking sector being the worst affected.
Aside
Zenith Bank which dipped by 42% week-to-date (WTD) all other banking stocks
ended the week in the red. The lowest decline was Union Bank Plc which saw its
share price tumble by -14.89% on Thursday.
Also
of note was that market breadth during the week was extremely negative. On
Monday there was one price gainer as against 38 price losers, on Tuesday there
were 3 price gainers as against 33 price losers. Wednesday saw the market firm
up as negative breath narrowed with 18 price gainers and 20 price losers,
however this was just a brief pause as Thursday saw negative breadth expand
again with three price gainers and 44 price losers.
Related Link: Coronanomics:
Inside Nigeria's Stock Market Response
One Year Share Price Movement
Zenith Bank Results Q4 2019 Table
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