Jaiz Bank Falls by 11% as CEO Purchases 10m Shares


July 1, 2024.

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Azonuchechi Chukwu.

Islamic Lender, Jaiz Bank Plc, lost more than 11% of its market value on the Nigerian Exchange due to negative price movement spurred by selloffs. The bank topped losers chart on the exchange with 11.4% price decline over five trading sessions.

In the last seven trading session, the non-interest lender value has dropped to N67.355 billion, trading below its 52 week high. Data showed that more than 10 million shares of Jaiz Bank exchanged hands in the local bourse on Friday.

The transaction caused 9.72% price decline, driving double digit weekly valuation loss. Jaiz Bank Plc is trading at 51.4% discount to its 52-week high due to sustained negative price movement in the second quarter of 2024.

Ticker: JAIZBANK fell to N1.95 per share from N2.2 at the beginning of the week as its shareholders exited their position ahead of annual meeting.

Haruna Musa, Managing Director and Chief Executive Officer, Jaiz Bank Plc acquired 10,000,000 shares in the open market in May at the average market price of N2.25 per share, according to a regulatory filing submitted to the Nigerian Exchange.

The non-interest bank has also release notice of its annual meeting with shareholders. In its regulatory filing, the Islamic lender told the investing public that its annual general meeting will be hold on July 16 in Abuja. (www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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