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FBN Holding’s share price fell by 10% for the second day running as investors reacted negatively to the shareholder debacle currently unfolding at the bank.
Checks by Nairametrics indicate the share price fell by 20% in the last two days after hitting a two-decade high of N22.3 per share.
The share price closed trading at N17.45 per share on Thursday, joining as one of the worst-performing stocks on the exchange.
Why the drop: Investors appear to be reacting negatively to the shareholder squabble in the bank following the declaration of a 13.3% shareholding by Barbican Capital Ltd.
- Analysts also suggest the letter from the solicitors of Ecobank and the response from Honeywell may have also rubbed off negatively on investors.
- Regulators have also kept mum as the matter rages on adding to the skepticism over who will take control of the bank.
- It is important to add that FBN Holdings as a holding company is fundamentally sound going by its efficiency ratios.
(Nairametrics)
