FBN Holdings Plc, one of the old generation banks listed on the Nigerian Exchange Group Plc (NGX), reported a significant gain of approximately N238.703 billion by the close of weekly trading, positioning it as the top gainer for the week.
This development showed the demand for the shares of the financial institution despite that the group recently cancelled its extraordinary general meeting (EGM) scheduled to hold virtually on Tuesday, April 30, 2024 to seek shareholders’ approval to raise an additional N300 billion in capital.
First Bank Holding Plc, a leading commercial bank in the country, had announced its intention to seek shareholders’ approval to raise an additional N300 billion in capital at the group’s upcoming EGM scheduled to be held virtually on Tuesday, April 30, 2024.
Checks by Nairametrics showed that the group stock grew by 32.68% to N27.00 per share at the weekend from N20.35 with which it opened the trading week on Monday 29th April.
A further analysis showed FBNH closed the trading week with N969.172 billion in market capitalisation, as against N730.469 billion at the beginning of trading week, hence recording a gain of N238.703 billion or 32.68%.
Other three notable losers included shares of Sterling Financial Holdings Plc, which experienced a 27.75% loss.
Similarly, UACN Plc witnessed a 24.60% increase to close trading at N15.45 per share from an opening figure of N12.40. Additionally, Julius Berger Plc’s shares increased by 23.76% to close at N72.40 per share from the opening price of N58.50 per share.
The local bourse registered a 1.46% higher week-on-week (w/w), recording a significant gain, with the benchmark index settling at 99,587.25 points.
Market analysts attribute this positive trajectory to investors’ demand pressure on the stocks listed on the NGX after a bearish trend.
The NGX All-Share Index and market capitalization appreciated by 1.46% to close the week at 99,587.25 and N56.323 trillion respectively.
Similarly, all other indices finished higher with the exception of NGX Consumer Goods, NGX Oil and Gas and NGX Industrial Goods which depreciated by 0.26%, 0.68% and 0.36% respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.
The market opened for four trading days this week as the Federal Government of Nigeria declared Wednesday 1st May, 2024 as public holiday to commemorate Workers’ Day celebration.
Meanwhile, a total turnover of 1.941 billion shares worth N32.644 billion in 35,807 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.839 billion shares valued at N34.258 billion that exchanged hands last week in 37,528 deals.
