Zenith Bank Plc saw a 5.04% surge in its share price on Monday as investors showed strong interest in the financial services group’s stock on the Nigerian Exchange (NGX).

The bank’s share price climbed to N47.9, with more than 55 million shares valued at over N2.6 billion exchanged in the equities market. The rise, alongside renewed demand for other banking stocks, contributed to an overall boost in the banking index.

Analysts attribute the rally to investors positioning ahead of Zenith Bank’s 2024 earnings release and final dividend announcement. Stockbrokers anticipate further demand for the bank’s shares once its financial performance and dividends are disclosed.

As of Monday, Zenith Bank was trading at about 8% below its 52-week high, yet significantly above its lowest price in the past 12 months. The bank remains the second most valuable financial institution on the Nigerian Exchange, backed by a strong earnings and dividend history.