Diamond Bank Trades 59% of Total Market Volume; Hits 208.68m, Highest in 10 Months

Friday, November 16, 2018 / 09:40 AM / Proshare Research    

Diamond Bank Plc (DIAMONDBNK) emerged the most traded stock in volume at the close of trade at the Nigerian Stock Exchange (NSE) on Thursday, November 15, 2018. The tier two lender's total volume traded recorded an unusual spike, rising by 604.95 percent to reach its highest level in more than ten (10) months. 

DIAMONDBNK’s total volume traded increased from 29.6 million units on Wednesday, November 14, 2018 to 208.68 million on Thursday, November 15, 2018, making it its biggest volume record since January 9, 2018.

Source: Proshare Research, NSE

Consequently, the total value of DIAMONDBNK for the day increased by 559.1 percent to N185.36 million, DIAMONDBANK’s biggest value record since February 1, 2018.

Owing to the unusual increase in volume traded in the shares of Diamond Bank, the market volume traded surged by 52.34 percent from 229.3 million units of shares on Wednesday to 349.3 million units of shares on Thursday, of which DIAMONDBNK  accounted for 59.74 percent of the market volume. Also, the volume traded accounted for 0.90% of the bank’s total outstanding shares. 

However, despite the spike in DIAMONDBNK, its share price, which has been falling since Monday, November 12, 2018, returned flat on Thursday to close at N0.95 per share, its lowest level since April 30, 2017. 

The spike may not be unconnected to an alleged merger and acquisition talks between DIAMONDBNK and ACCESS early this week which was later debunked by the management of both banks.

Source: Proshare Research, NSE

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