FBN Holdings Plc Climbs as Sell Pressures Ease
FBN Holdings Plc has seen positive price movement in the equities market this week as investor sentiment begin to stabilise. This lifted its market value higher to about N860 billion.
The elephant branded financial institution had hit the bottom of the rung at N20 per share, according to data from seven trading sessions in the stock market.
In the week, the financial services holdings company has climbed to N23.95 per share in the market following sizeable transactions on its stocks.
Its share price had opened at N21.90, but now trading more than 9% higher. Investors have been selling their shares in FBNH in banking sector recapitalisation programme.
The group had outpaced all listed banks on the Nigerian Exchange as the most valuable. It didn’t take long before it relapsed, as stock analysts estimate show it was overpriced.
As the stock dipped, its majority shareholder, Femi Otedola, consolidate his position by acquiring more share via open market. Despite the huge share purchased by this insider, Ticker: FBNH failed to upturn losses as others were selling.
The numbers of vested interest in FBN Holdings Plc has made its share one of the most volatile in the banking segment on the Nigerian Exchange. There is mixed expectation about the group’s second quarter earnings performance. # FBN Holdings Plc Surges as Sell Routs Eased MTN Nigeria Retreats Ahead of Earnings Release
