FBN Holdings Valuation Hits All-Time High
FBN Holdings Plc (Ticker: FBNH) has crossed into the other side as the financial services group market valuation spiked strongly for the third day to settle at N1.055 trillion. The financial services boutique’s share price has gained about 33% in the last three days.
The Broadstreet elephant has made a maradonic move into the league of stock market movers after unusual trade volume from the yet-to-identified shareholder(s).
Data from the Nigerian Exchange showed the volume trade has been heavy, and yet steadied. On Monday, about 11 million of the company’s shares exchanged hands. On Tuesday, volume traded rose above 13 million units and about 22 million on Wednesday.
Its share price peaked at N29.4 on Wednesday amidst a strong bull drive in the local market. There has been particular interest in the financial services group ahead of the fourth quarter of 2023.
Rather than improved fundamentals, demand for FBNH, Nigeria’s oldest banking group in the stock market has been propelled by sentiments, resulting in a 9.91% positive price movement today. Naira Devaluation Deepens Economic Crisis in Nigeria
MarketForces Africa noted that there is no disclosure about who is ramping up Ticker: FBNH – a similar pattern was spotted when Oba Otudeko acquired 14% interest in its outstanding shares. #FBN Holdings Valuation Hits All-Time High
