FBNH share price hits new three-year mark

Following four days of significant demand in the shares of First Bank Holding Company (FBNH), the bank ended the week at the highest price we have seen in three years since April 20, 2018 when the share price stood at N12.85, till present.

The Tier-1 bank, once again enjoyed investors bullish stance trading over 476 million units of shares valued at N5.93 billion and taking the share price up 8.09% from the previous closing price of N11.75 to close the day at N12.70, although the shares traded at N12.90 during the trading session.

At today’s closing price, FBNH’s shares have rewarded investors who bought at a three year low of N3.7 with more than 240% returns. Although, year-to-date, investors who bought at N7.15 at the beginning of the year, have earned 77.62% on their investment.

Week-on-Week, however, the shares of the bank have gained approximately 30.00% in price from N9.80 last week Friday to N12.70 today.

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The Nigerian Exchange market closed on a positive note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) appreciated by 75 basis points.

The NGX ASI closed at 41,438.15 points, to reflect a growth of 0.75% from the previous trading day and a Year-to-Date (YTD) return of 2.90%. Meanwhile, the market capitalization increased by N192.54 billion.

At the close of market today, Friday, 15th of October 2021, the stock exchange market value currently stands at N21.62 trillion from N21.43 trillion in the previous trading day.

The market breadth closed positive as SCOA led 30 Gainers, and 8 Losers topped by CHAMS at the end of today’s session.

The stock market has advanced 1,167.43 base points since the start of the year.

Market sentiments trend towards the bulls with the market differential being in favour the advancers as 30 gainers surpass 8 losers.