FBN Holdings Hits N960bn after Unusual Trade Volume

FBN Holdings Hits N960bn after Unusual Trade Volume

FBN Holdings Plc (Ticker: FBNH) has inched closer to becoming a member of a 13-digit valuation on the Nigerian Exchange following racks of good deals spotted by equities investors.

According to data from the Nigerian Exchange (NGX), the financial services boutique market valuation advanced to an all-time high of N960. 199 billion after an unusual trade volume.

Like the previous pattern, the financial services group saw its market price rise by 9.86% on Tuesday to N26.75, according to details from the local bourse.

Today’s positive price movement came after more than 13 million shares exchanged hands. FBNH has attracted a large volume of trade in the last two days. Nigeria Eurobond Slumps after CBN Resumes OMO Auction

The holdings has already gained more than 20% in two trading sessions in the new week. 

MarketForces Africa reported that positive sentiment has pushed the group market valuation to its all-time high after Oba Otudeko moved to return to the Marina-based headquarters of the FBNH after an unceremonious exit that followed a boardroom coup.

In a statement posted on its website, Honeywell Group Limited told regulatory authorities that it bought 4,770,269,843 shares of FBN through its affiliate company, Barbican Capital Limited.

After a 14% share acquisition from the open market, Otudeko names was mission as an influential if not single largest shareholder in FBNH book, its unaudited financial statement for the nine months of 2023 showed.