Stanbic IBTC Slides amidst Plan to Release Earnings Report
Stock market value of Stanbic IBTC Holdings Plc declined amidst a plan to release its delayed earnings release this week.
Investors sell down interest in banking group stock last week following notice that the Holdings first half of 2024 results would be delayed.
Stanbic IBTC told the Nigerian Exchange in a regulatory filing that the delayed result is occasioned by the fact that the group is currently seeking the approval of the CBN to approve its Half Year Audited Financial Statements.
“We are working diligently with the CBN to ensure that our Company’s 2024 Half Year Results are published on or before Friday 27 September 2024”.
Data from the Nigerian Exchange showed that share price declined by N55 on Friday from N55 at the beginning of the week.
Its 12.957 billion shares outstanding was valued at N712.634 billion in the equities market. MarketForces Africa reported that Stanbic IBTC is trading at 33.77% discount to its 52-week high in the local bourse.
The banking group share price had peaked at N83.05 on the Nigerian Exchange platform before its massive retreat.
Analysts noted that Stanbic IBTC Holdings is closer to its 52-week low of N45 than to its 12 months peak market price. #Stanbic IBTC Slides amidst Plan to Release Earnings Report
