The shares dropped 3.2 percent to 16.45 naira by the close in Lagos, Nigeria’s commercial capital, the lowest since Sept. 28. About 5.9 million shares, more than 20 percent of the three- month daily average, changed hands, according to data compiled by Bloomberg.
“Having fallen to 16.45 naira, Zenith Bank’s share price now reflects our view of the fundamentals and of course is in line with our year-end best-case target price of 16.50 naira,” Abiola Rasaq, Lagos-based analyst at Vetiva Capital Management Ltd., said by phone today. “On this note, we are now neutral on the counter, from reduce, following the price correction,” he said. Vetiva expects that the stock will begin to see some support at the current price, Rasaq said.
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