FBN Holdings Plc, the parent company of First Bank of Nigeria, has seen a significant increase in its share price this week, rising to N23.95 per share from N21.90, representing a 9% gain. This positive price movement has lifted the company’s market value to approximately N860 billion.
The surge in share price comes after a period of selling pressure, which had driven the stock down to N20 per share. The company’s majority shareholder, Femi Otedola, had consolidated his position by acquiring more shares via the open market, but this failed to stem the losses as other investors continued to sell.
Despite the volatility, FBN Holdings Plc remains the most valuable bank on the Nigerian Exchange, outpacing other listed banks. However, there are mixed expectations about the company’s second-quarter earnings performance
