Shares of Zenith Bank Plc seemed the worst hit as bears took prevalence on the Nigerian equities market over the week, as the bank’s market capitalisation depreciated by 42.29 per cent, representing N249.60 billion, in five trading sections.
The share which closed the previous week at N18.80 kobo per share hits N16.95 kobo on Monday, representing 9.84 per cent drop. It further dropped by 23.01 per cent on Tuesday, by -7.66 per cent on Wednesday and by -9.96 per cent at the close of trading on Friday to eventually hit N10.85 kobo per share at the close of the week.
This indicated that the shares of Zenith Bank which declined by 42.29 per cent, has underperformed the NSE ASI which recorded -13.64 per cent depreciation within the period under review.
Analyses showed that Zenith Bank has lost N249.60 billion in market Capitalisation Week-to-Date (WtD) and N240.18 billion Month-to-date (Mtd), having recorded its highest single day drop on March 10, 2020, with N122.45 billion loss.
A review of the banking stocks performance WtD reflected that Zenith Bank recorded the highest loss followed closely by Access Bank and Guaranty Trust Bank with -31.18 per cent and -26.42 per cent loss respectively while Stanbic IBTC Holdings and Union Bank of Nigeria recorded the least loss with -16.29 per cent and -14.89 per cent loss, respectively.