FCMB Slips Amidst Public Offer Listing
FCMB Group Plc market value slipped in the equities market amidst public offer listings on the Nigerian Exchange (NGX). Despite the group’s strong earnings performance, its share price declined slightly on the day as FCMB traded against the market trend.
Data from the Nigerian market showed that the financial services company’s share price declined to N11, down by 3.93% on the day from N11.45. At the current market value, FCMB has surpassed the amount it sold shares in the just concluded public offer.
In the market, FCMB listed 15,197,289,219 ordinary shares of 50 kobo each at ₦7.30 per share on the exchange today from its public offer, market analysts at Atlass Portfolios Limited told investors in a note. Consequently, the group market value increased to N435.659 billion as the public listing raised shares outstanding.
Market Negative on Earnings Beat
FCMB Group profit after tax climbed by about 16% year on year to N107.8 billion, according to details from its unaudited financial statement for the fourth quarter of 2024. The increased profit performance was supported by higher interest income due to sustained monetary policy tightening in Nigeria.
Its numbers revealed that earnings per share rose to N5.45 at the end of the period, from N4.70 in the financial year 2023. Investment firm CardinalStone Securities Limited said in a note that the group’s result translated to a 0.7 percentage point and 8.1 percentage point decline in return on average asset (ROAA) and return on average equity (ROAE) to 1.8% and 17.1%, respectively. Oyo Signs Contract Agreement on 68km Rural Road Projects
