FBN Holdings Shrinks Amidst Hanging Earnings Reports
FBN Holdings Plc’s market valuation declined amidst the hanging audited report for the financial year 2023 and its Q1 earnings release.
According to details from the Nigerian Exchange, the financial services group is the only Tier-1 lender without a first-quarter earnings statement, breaching the deadline for submission for 2023 and Q1 results.
According to information from the local bourse, FBN Holdings’ market value printed at N893 billion at the end of the trading session on Friday. The group market valuation had surged to N1.4 trillion before it spiraled downward.
The share of the banking group has become quite volatile, according to equity analysts FBNH’s share price peaked at N28.25 at the beginning of the week due to buying momentum that followed leadership change at First Bank of Nigeria Limited, the group’s major earnings driver.
The exit of FBN’s Chairman and Managing Director within a short time sent negative signals to the equities market. Another internal heat-up isn’t farfetched at the Marina-based oldest banking group listed on the Nigerian Exchange.
Its share price settled at N25 from N27 amidst expectation of release of its audited report for 2023 and Q1 earnings release. # FBN Holdings Drops Amidst Hanging Earnings Reports Adamawa: Customs Intercepts Petrol Worth N10.8m En Route Cameroon
