FCMB, FBNH Drive Nigerian Market Down Intraday
Sell pressure on Nigerian banks, FCMB and FBN Holdings Plc, or FBNH, has dragged the equities market index downward. The two banking names are currently trading negative on the Nigerian Exchange (NGX) during early hours on Thursday.
Equities investors seeking to take profits from banking names picked FCMB amidst a plan to divest subsidiaries and invest the proceeds to boost banking arm capital. FBN Holdings shares were also offloaded during intraday session.
In a report, Moody’s ratings saw potential merger deals with FCMB and Fidelity Bank Plc—both have raised capital, but Moody’s feels they have a choice to downgrade their licences to stay alive post Q1-2026.
FCMB Group has however announced additional capital raises after Moody’s report, which its spokesperson neither denied nor accepted.
At midday, the NGX All Share Index trended negatively, reflecting a loss of -0.05%, Alpha Morgan Capital Limited said. Stockbrokers said this bearish trend is due to the selling pressure of investors on some mid- to high-capitalized stocks.
After gaining streaks, WAPCO has begun to retreat, losing 3.91% of its market value during the intraday session. Oil and gas company ARADEL has also lost 1.48% while FCMB plunged by 1.12%.
The oldest financial institution left in the equities market, FBNH, has been priced down 0.19% among other early decliners. #FCMB, FBNH Drive Nigerian Market Down Intraday Litigation Claims against Access Holdings Plc Hit N11.3Trn
