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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).