More than 4 billion FBN Holdings Plc shares were traded on the Nigeria Stock Exchange on Thursday, July 6, 2023, Nairametrics reports.
The trade is valued at about N76 billion and is one of the most significant single trades recorded for the stock this year.
FBNH has about 35.8 billion shares outstanding as of December 2022 audited accounts and continues to be one of the most attractive stocks.<<<<<CONTINUE READING>>>>>>
Initial feelers from traders indicate the trades are related to one of the bank’s major shareholders who is buying. Another source suggests the shareholder is likely moving shares around through proxies.
Another source who pleaded anonymity suggests this may be connected to a possible implementation of a Supreme Court judgement obtained against a bank’s major shareholder who is owing Ecobank.
However, there is a projection that the market is likely anticipating a bidding war, with the share price of the stock trading for as high as N19, the highest in over ten years.
