FBN Holdings Keeps Uptrend Ahead of ‘Offer’ Pricing
FBN Holdings (FBNH) Plc has continued to recover from the selling spree that plunged the banking group’s stock market price down by more than 50% to its 52 week high.
The share price of the elephant branded group warehousing First Bank of Nigeria Limited spiked further in the equities market to N33.90, according to data obtained from the Nigerian Exchange.
In two trading sessions, FBN Holdings Plc has gained about 17%, up from N29 per share to N33.90. The latest price movement has nudged market valuation of FBN holdings to N1.216 trillion.
The same stock had hit the bottom, when it was trading at N20 per share in the market amidst plans to raise N350 billion in new capital. Investors’ sentiment picked up after FBN Holdings PLC notified the regulators about its decision to yank off its merchant banking business – FBNQuest.
Since the announcement, the group share price has continued to gained momentum in the local bourse. If the price trajectory is sustained, analysts said it would do deeper into right, public or private issue pricing.
“The going market rate at the time when the Group launch its public offer or right issue or both would determine numbers of shares to sell to meet capital raise target”, an investment banking expert told MarketForces Africa.
For months, FBN Holdings was strongly volatile as the stock became target for sell side actors in the local exchange. The risk now is for FBN Holdings to maintain uptrend in the market.
The group postponed its annual general meeting indefinitely amidst infighting and struggle for the soul of the oldest listed financial services group in the stock market. #FBN Holdings Keeps Uptrend Ahead of ‘Offer’ Pricing CUTIX Gains 30% on Earnings Forecasts, Unusual Trade Volume
