BANKS show Unity in pushing stocks higher...   

Nov 24 (Lagos) - The All stock index of the Nigerian exchange is up by 0.08% at the time of writing this article as banking stocks are showing resilience among investors who seem to positioning for the expected bigger dividends next year. Most banks have had a very strong year because of foreign exchange related gains which could come to an end this year but investors are not worried about that at the moment. 

The most active banking stock so far today is ZENITHBANK up by more than 2.39% on higher than usual volumes. The Bank held its Tech expo this week which was well attended by the youth engaging in the bulging tech space. Other banks following Zenith higher today are GTCO , UBA , ACCESSCORP , FCMB , FBNH & FIDELITYBK .

One special mention for the loss making bank UNITYBNK up another 10% today on rumors' of possible takeover by Providus bank which is listed on the OTC market. These rumors' keep emerging for this bank maybe this time the market is taking them seriously. Overall this Bank is notorious for reported losses and eroding shareholders' value. It was ten years ago in December 2013 when they enacted a rights issue and 1 for 10 reverse split at the same time and pushed their stock price from 50 kobo to N 5 per unit. Since then the stock prices again fell to 50 kobo levels and has now started gaining on these takeover rumors'. So the current stock price of around N 2 (rounded) is actually 20 kobo pre split levels. 

Hope the shareholders of this bank will get to cheer for once in their miserable decade of desolation. You can read more about this past on one of our older articles from 2019 at this link

reporting for on Friday, Nov 24 2023 from Lagos, Nigeria
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