FBNH Halts Uptrend After Earnings Downturn
Equity tracker: FBN Holdings Plc’s uptrend has slowed down after a more than 10% year-on-year decline in its earnings per share in the financial year 2022, according to its results. However, the group saw a strong profit jump in the first quarter of 2023 despite the naira redesign crisis.
Data from the Nigerian Exchange showed that the group market valuation has fallen below N500 billion due to selloffs by unimpressed equity shareholders of the company.
MarketForces Africa’s review indicated that the financial service company’s single largest shareholder Femi Otedola sold a large part of his direct interest in 2022. Despite the large direct equity sales, Otedola still maintained the largest interest for an individual.
Ahead of its audited report released, FBNH Plc’s share price had surged consecutively in anticipation of a much healthier earnings performance. However, its annual profit disappoints, causing share selloffs in the local bourse.
At the close of the trading session, FBNH’s market valuation settled at N488 billion, still a strong increase when compared to the group’s previous stock market performance. # FBNH Pauses Uptrend After Earnings Downturn
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