Bad Omen? Zenith Bank Price Closes Below N20 On The Day Its MD Is Nominated As Next CBN Gov.

Deprecated: mb_convert_encoding(): Handling HTML entities via mbstring is deprecated; use htmlspecialchars, htmlentities, or mb_encode_numericentity/mb_decode_numericentity instead in /var/www/nairametrics/wp-content/themes/nairametrics/functions.php on line 104

Zenith Bank MD Godwin Emefiele was named as the choice replacement for CBN Governor by President GEJ today after the suspension of Sanusi Lamido Sanusi. Unfortunately, his nomination was not enough to halt the decline of Zenith Bank shares as the stock closed at N19.9 its lowest price since September 2013. Whilst this may be attributed to the general mood of the market one may not be wrong to expect the market to react positively to the news that an MD of the ban has been made CBN Governor. So could this be a bad omen for the stock or just one of those days when it didn’t matter who was nominated? It will be interesting to see how the share price closes after trading Friday February 21.