FBN Holdings Gains Weight; Valuation Rises to N449bn
FBN Holding Plc saw a further increase in market valuation as demand for shares of the financial services behemoth spiked further despite the delay in the group’s earnings releases.
Investors have become quite sentimental even without audited statements; their positioning appears to be heavy. The elephant brand has been catching a cruise in the local bourse, moving positively in contrast to selling rallies on the floor of the Nigerian Exchange.
In the second quarter of the year, the counter saw its market price skyrocket even while the domestic bourse slipped into a bearish trend. The share has gained 20% in one month, according to market data.
Stock analysts with eyes and noses at the Broadstreet said increased demand or positioning is not really related to particular earnings information or strategic decisions, but the invincible hands picking its share have kept at it.
The market has seen this pattern once in the past when Femi Otedola was ramping up FBNH in the open market. The group gave an early indication that it will post its audited financial statement for 2022 and the first quarter results of 2023 late in May.
Traded at N12.50 per share, data from the Nigerian Exchange show that FBNH’s valuation inched to N448.691 billion on Friday, on 35.895 billion outstanding shares in the market.
FBN Holdings Plc engages in the provision of commercial banking and financial services. It was founded by Alfred Lewis Jones on March 31, 1894, and is headquartered in Lagos, Nigeria.