FCMB Delivers 16% YTD Return to Shareholders in 9 Months
Based on its share price movement since the beginning of the year, FCMB Group Plc has so far delivered a 16% return to its shareholders in the first nine months.
Compared with its immediate rivals in the banking sector with similar fundamentals, the capital appreciation is the second-lowest performance, reflecting confidence and expectations.
FCMB beat only Fidelity Bank with a 5.4% return on investment. On Tuesday, the Nigerian Exchange placed N464.073 billion as the market value of FCMB Group’s 42.771 billion shares outstanding.
The financial services group continues to trade at a significant discount to its highest value in the last 52 weeks. FCMB had peaked at N12.90 until sell pressures dragged the price downward.
Trading data showed that FCMB has not been able to cross N11 share price resistance, closing at N10.85 on Tuesday after 25.344 million units valued at N269.878 billion were transacted. This week, the price has declined from N10.90 to N10.85.
The huge trading volume, which happened to be influenced by block trades, failed to trigger price adjustment for FCMB Group.
With 12-month target price sets at N13.40, Afrinvest Securities Limited estimates 22.90% upside potential for FCMB shareholders and investors. #FCMB Delivers 16% YTD Return to Shareholders in 9 Months#
