Business
Investors dumping Diamond Bank shares
Early morning stock market data indicates investors are dumping Diamond Bank shares in droves. The share price is currently 9% down.
The stock opened trading this week at N3.57 and closed Wednesday, January 24th and N2.92 representing a 26.6% drop this week alone.
According to a chart from the Nigerian stock Exchange (NSE) over 100 million shares of the stock are on offer by investors at a price of N2.65 with no buyer in sight (as at 11.30am on Thursday). Typically, a full offer of this nature indicates a massive sell-off of the stock and a downward trend in the price of the stock.
ALSO SEE: Weststar Associates confirms arrival of new Mercedes S-class
Before this week, Diamond Bank was up 110% year to date and one of the best gainers in 2018. This is despite investor sentiments that suggest the company’s results may be disappointing for 2017 amidst rising impairments on loans.
Some analysts we spoke to suggested that the recent rally was due to rumours that the bank may be embarking on a rights issue or public offer, which is typically preceded by rally in share price.
Investors may want to be circumspect about the current situation and track the share price all day long and cut losses where applicable.
-
Featured6 days agoOsun 2026: What the battle could signal for 2027 general elections
-
Business1 week agoOPay transactions surge 115% to $358bn as Fintech eyes $4bn US IPO
-
Business7 days agoWho is really benefiting from Nigeria’s economic reforms?
-
Featured6 days agoOsun Election: How poverty turns ₦20,000 into a powerful vote-buying tool
-
Latest6 days agoCoca-Cola faces backlash over alleged AI filter blocking Christian messages
-
Business1 week agoDeep offshore tax order to unlock $50bn investment, boost oil output–Ojulari
-
Business1 week agoPound climbs to N1,837 as Naira holds steady amid stronger FX market liquidity
-
Latest6 days agoOsun poll: Chaos in Ejigbo as voters, INEC officials run for safety