Otedola: First Bank shares fall as speculators offload


Millennials and the future of the Nigerian Stock Exchange
Stock market
Stock Market

By Nkiruka Nnorom

THE share price of FBN Holdings Plc recorded marginal decline yesterday after speculators who bought into the bank following the heavy activity on the stock in the course of share purchase by Femi Otedola sold off.

The share price fell by 1.20 percent to N12.40 per share from N12.55 the previous day, while volume traded also took a downward turn, declining to 73.062 million from 350.54 million on Monday, thus representing a 79.2 percent decline in activity level. Deals also slumped by 28.6 percent to 545 from 763.

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Market dealers dismissed the low activity on the stock yesterday as either profit taking or price correction, saying that development in the coming days would determine if, indeed, it was price correction.

A dealer from the stockbroking firm to Otedola told Vanguard, “As you are aware, when we were buying for him (Otedola), it…

Source: Vanguard Newspaper

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