FBN Holdings’ Capitalisation Hits N800 Billion Amidst Share Mop Up

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The battle for the control of the country’s premier and leading financial institution, FBN Holdings Plc persists as strong indications emerged yesterday that another majority shareholder is mopping up the shares of the leading bank.

Transactions in the shares of FBN Holdings also led market activity with 198.221 million shares valued at N4.417 billion, higher than 131.7 million units, valued at ₦2.6 billion recorded last week Friday.

The development as the total volume of trades increased by 49.8 per cent to 1.839 billion units, valued at N22.033 billion, and exchanged in 14,584 deals yesterday.

Although the heavy-weight buyer behind the transactions has not been confirmed as of press time, sources speculate that it is likely that another majority shareholder who would not want the Honeywell Group Chairman to remain the largest shareholder in the bank is currently in a mop spree for the shares of the bank.

“It is likely that another majority shareholder is mopping up shares behind the scene but they will not want to disclose until they achieve their objectives. Also, some people are buying with the hopes that one of the major shareholders would move the stock higher,” a source said. Last week, the stock appreciated by N116.66 billion, with its market capitalisation hitting N728.67 billion and stock price settling at N20.3 per share.

Meanwhile, the Nigerian equities yesterday opened the week in an upbeat, as investors’ fortunes increased by N851 billion, amid positive sentiments in Dangote Cement Plc and 70 stocks.

The upturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Conoil, MRS Oil Nigeria, MTN Nigeria Communications (MTNN) and Stanbic IBTC Holdings.