Zenith Bank Lists 9.67bn Shares as Equity Market Gains N477bn

Zenith Bank Plc has listed an additional 9.67 billion ordinary shares on the Nigerian Exchange Limited following the successful completion of its hybrid offer, which included both a rights issue and a public offer.

This development comes as the Nigerian equity market began the week on a bullish note, with a significant gain of N476.99 billion in market capitalization, despite a slight decline in the All-Share Index.

According to a market bulletin issued by the NGX on Monday, the additional shares result from the bank’s recent capital-raising exercise. The rights issue involved 5.23 billion ordinary shares at 50 kobo each, priced at N36.00 per share, and was fully subscribed.

Additionally, Zenith Bank’s public offer of 4.44 billion ordinary shares at N36.50 per share was oversubscribed by 160.47 percent.

Related News:

• Zenith Bank Raises N350bn from Rights Issue, Public Offer
• Recapitalization: Nigerian Banks Reject N4.84bn in Invalid Subscriptions

With the listing of the new shares, the bank’s total issued and fully paid-up shares have increased from 31.40 billion to 41.07 billion ordinary shares of 50 kobo each. This additional listing is expected to boost liquidity in the bank’s stock and strengthen its capital base amid the ongoing banking sector recapitalization.

Meanwhile, the Nigerian equity market maintained its bullish momentum, with market capitalization rising to N66.07 trillion at the close of trading on Monday. However, the NGX All-Share Index dipped by 41.70 points, or 0.04 percent, to 105,891.33 points.

Investor sentiment remained strong, with trading volume increasing by 49 percent to 567.29 million shares, valued at N10.41 billion, exchanged in 17,843 deals. The turnover rose by 13 percent, while the number of deals surged by 39 percent compared to the previous trading session on Friday.

Beta Glass Company, Stanbic IBTC Holdings, and Smart Products Nigeria led the gainers’ chart with a 10 percent appreciation each, closing at N95.15, N68.20, and N0.22 per share, respectively. Honeywell Flour Mill also gained 9.98 percent to close at N10.47 per share.

Conversely, International Energy Insurance led the losers’ chart, shedding 10 percent to close at N2.25 per share. RT Briscoe declined by 9.63 percent to N2.44, while Julius Berger Nigeria lost 8.44 percent to settle at N128 per share.

Across sectoral indices, the Insurance Index posted the highest gain of 1.98 percent, while the Consumer Goods Index and Oil & Gas Index advanced by 0.1 percent and 0.09 percent, respectively. The Industrial Index, however, remained under pressure, posting a year-to-date decline of 7.67 percent.

The Nigerian equity market closed last week on a bullish note, recording a gain of N884 billion as the All-Share Index appreciated by 1.38 percent to settle at 105,933.03 points.