FBNH, the parent company of First Bank Nigeria made it three consecutive days of gains as positive sentiments from investors helped it record trade of over 600 million units of shares valued at N7.11 billion at the close of trading Thursday, October 14th.

The bank maintained the highest traded shares, in volume and value, on the exchange after today’s trading session. The buy-interests in the shares of the bank drove the price higher by 7.31% from the previous day’s closing price of N10.95, to close the day at N11.75, although the shares traded at N12.00 during the trading session.

At N11.75 FBNH has hit a three year high rewarding investors who had bought at a three year low of N3.7 with more than 200% returns. The shares traded for N3.7 on March 1st 2020 and a 5 year low of N2.9 on April 1 2017. The recent rally is the highest we have seen between 2017 and 2018 when it hit a similar trajectory.

Week-on-Week, however, the shares of the bank have gained approximately 20% in price from N9.80 last week Friday to N11.75 today. Stockbrokers who spoke with Nairametrics suggest the shares is trading high on the back of a rumoured takeover by a strategic investor.

Market performance

The Nigerian Exchange market closed on a positive note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) appreciated by 19 basis points. The bulls dominated the bears in today’s trading session as market breadth indicated a positive mood.

The NGX ASI closed at 41,129.98 points, to reflect a growth of 0.19% from the previous trading day and a Year-to-Date (YTD) return of 2.13%. Meanwhile, the market capitalization increased by N41.06 billion.

At the close of the market today, Thursday, 14th October 2021, the stock exchange market value currently stands at N21.43 trillion from N21.39 trillion in the previous trading day.

The market breadth closed positive as CHAMPION led 21 Gainers, and 14 Losers topped by LEARNAFRICA at the end of today’s session. The stock market has advanced 859.26 base points since the start of the year.

NGX ASI top gainers

CHAMPION up +9.71% to close at N3.05
AFRIPRUD up +7.81% to close at N6.90
FBNH up +7.31% to close at N11.75
UNIVINSURE up +4.76% to close at N0.22
CHAMS up +4.35% to close at N0.24

NGX ASI top losers

LEARNAFRI down –10.00% to close at N1.26
ETI down –8.16% to close at N6.75
WAPIC down –6.00% to close at N0.47
LINKASSU down –5.00% to close at N0.57
NEM down –4.46% to close at N1.93

NGX ASI top traded by volume

FBNH – 602,768,564 units
GTCO – 63,749,288 units
CHAMPION – 37,684,373 units
UNIVINSURE – 21,909,509 units
UBA – 21,174,295 units

NGX ASI top traded by value

FBNH – N7,111,934,085.65
GTCO – N1,811,033,414.35
SEPLAT – N655,129,684.70
ZENITHBANK – N242,775,430.25
UBA – N176,701,388.65

Market sentiments trend towards the bulls with the market differential being in favour of the advancers as 21 gainers surpassed 14 losers.