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Saturday , 16 February 2019

Diamond Bank becomes worst performing stock ..shareholders troubled

Diamond Bank, in addition to hitting a 5-year low, was the worst performing stock last week. The stock hit a 5-year low of N0.86, last week Thursday and eventually closed on Friday at N0.90, down N0.38 or 29.69%.

Year to date, the stock is down 40%.Now,expectedly ,shareholders are worried.

Why the stock may have slumped

The bank has been in the proverbial bull’s eye in the last couple of weeks. First, about speculation that the bank was one of three allegedly with poor liquidity ratios, flagged in a half year report by the Central Bank of Nigeria.

Next was unconfirmed media reports that tier one lender, Access Bank Plc, was reportedly interested in acquiring the bank. Both banks have since debunked the claims.

An investor call following the bank’s 9 months results for the period ended September 30, 2018, which would have provided more clarity about the bank, has been postponed.

About Younews Ng

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