The total number of the company's shares traded on Monday alone was 197 per cent higher than the average daily traded volume in the last 13 days, by PREMIUM TIMES' calculation.
The feat was recorded after a week of sustained gains catapulted the worth of its shares beyond N1.2 trillion.
The valuation lifts the financial services group to a new milestone as
Following an almost twofold surge in net profit for last year to nearly N310 billion,
The total number of the company's shares traded on Monday alone was 197 per cent higher than the average daily traded volume in the last 13 days, by PREMIUM TIMES calculation.
"Really, there is nothing driving the stock. If you remove the Otedola factor," there is no major catalyst moving it, said an equity trader on the Nigerian Exchange who doesn't want to be named.
Mr Otedola, a billionaire tycoon with investments in energy, cement manufacturing and financial services, was appointed to chair the directors' board of
He holds a 5.7 per cent stake in the corporation, second only to
Barbican
"By the time
Currently, the price-to-book (PB) ratios and the price-to-earnings (PE) ratios of big rivals like
Both the PB ratio and PE ratio are used by investors to determine stocks with strong fundamentals for investment purposes.
At 44.4 per cent, the stock has well outperformed the NGX Banking Index, the benchmark that tracks the performance of top equities in the banking industry in terms of liquidity and capitalisation. NGX Banking Index has returned less than one per cent so far this year.
The return on
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