FBN Holdings Plc (FBNH) has re-entered the prestigious N1 trillion market cap category on the Nigerian Exchange (NGX) following a surge in investor confidence ahead of an upcoming shareholders’ meeting. The stock, which opened the week at N26, saw a consistent rally, closing at N28.8 per share by mid-week, reflecting a renewed interest in the financial giant’s equity.
The stock’s recent uptick comes as FBN Holdings prepares for a capital raise of approximately N350 billion, a move that analysts say is directly influenced by its share price at the time of issuance. Currently, the group’s outstanding 35.895 billion shares are valued at around N1.033 trillion, though still trailing the 12-month high of N43.95 per share.
Market analysts attribute the confidence boost to several strategic shifts within the company, including the appointment of a new Group Managing Director and the announcement of a fresh date for its Annual General Meeting (AGM).
These changes signal efforts toward restructuring and financial repositioning, which are seen as positive steps to bolster shareholder value.
At the upcoming AGM, FBN Holdings plans to seek shareholder approval for both the N350 billion capital raise and the declaration of dividends, expected to further solidify its standing with investors.
