FBN Holdings Shrinks by 14.2% as Price Retreats

FBN Holdings Shrinks by 14.2% as Price Retreats

FBN Holdings (FBNH) Plc shrank by more than 14% due to shareholders’ stock selloffs in the local bourse ahead of the first quarter of 2024 earnings release. The group is expected to release its first quarter earnings scorecard in April, stockbrokers said.

Its share price declined to N30.5 on Friday following persistent selloffs. The financial services group stock market price opened the week at N35.55. Though FBNH released Q4 results faster in 2024, its audited results is still hanging with the central bank months after submission.

Equities investors took an early exit due to ongoing price correction in the local bourse. FBNH Plc has seen solid gains in 2024. According to details obtained from the Nigerian Exchange, the Elephant brand shrank to N1.094 trillion in market value.  Following a significant share acquisition, the management named Femi Otedola as board chairman early in the year.

In two years, the group hopes to raise FirstBank’s capital base to N500 billion. FBN Holdings’ most recent unaudited report for the fourth quarter of 2023 indicated that the company had eligible capital totaling N251.3 billion.

According to analysts, the financial services group will need to raise approximately N249 billion in capital to satisfy the new capital requirements set by the apex bank. #FBN Holdings Shrinks by 14.2% as Price Retreats #Naira Suffers Big, CBN Goes Ballistic Against FX Whales