Zenith Bank’s Share Price Is Now N4 From It’s All Time High After it Surged +10% On the Day

The share price of one of Africa's largest banks is now N4 from it's record high.

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Ade
2 Min Read

Zenith Bank Plc engages in the provision of banking and financial services to corporate and individual customers.

It operates through the Corporate Retail and Pension Custodial Services-Nigeria; and Outside Nigeria Banking-Africa and Europe. The Corporate Retail and Pension Custodial Services-Nigeria segment offers a range of banking and pension custodial services to a group of corporations, financial institutions, investment funds, governments, and individuals.

The Outside Nigeria Banking-Africa and Europe segment includes the provision of a range of banking services to a group of corporations, financial institutions, investment funds, governments, and individuals outside Nigeria.

The company was founded by Jim Ovia on May 30, 1990 and is headquartered in Lagos, Nigeria.

Market Capitalization: N879.102B
Dividends Yield (FY): 11.43%
Price to Earnings Ratio (TTM): 8.22NGN

In Q1, the mega banks recorded revenue of  N269.99 billion and Q2 revenue is being forecasted to be N280 billion.

 

Source: tradingview.com

 

Source: tradingview.com

 

Chart

Zenith Bank Monthly Chart
Zenith Bank Monthly Chart

The chart shows the the monthly timeframe which still has over 16 days left to go. The proximity of price to the all time high cannot be used as an assumption that  a break out will occur in the short term, but the possibility does exist.

If the break occurs and support is found above, we may see price rally to N60/share in the long term.

 

 

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By Ade
Writer, Innovation Enthusiast and Student of the Capital Markets
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