FCMB Jumps as Investors Price 42.5m Block Trade
FCMB Group Plc saw about 6% increase in its market value following a huge block trade priced at N9 outside the Nigerian Exchange (NGX) trading platform on Monday. Data from the local bourse revealed that FCMB share price increased by 5.56% as more than 49.586 million shares valued at N449.084 million exchange hands.
This lifted the financial services group market value to N376.251 billion, tracking at a huge discount to its 52-week high in the equities market. “We did see a block trade in FCMB (+5.56%) of 42.5 million units at N9.00 per share”, investment firm CardinalStone Limited said in an emailed note on Monday.
Block trade allows investors to consummate deal outside the Nigerian Exchange to stem price volatility, often facilitated by stockbroker with order to buy and to sell the same stock from different shareholder.
FCMB is currently seeking the Central Bank of Nigeria’s (CBN) approval to release its audited financial statement for 2024, according to a regulatory filing where the board drop hints about dividend payment. #FCMB Jumps as Investors Price 42.5m Block Trade Seplat Energy Trades Flat Despite Price Sensitive Corporate Actions
