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First Bank hands investors N25.12bn loss as Christmas gift

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FirstBank declares 2.99% drop in interest income of N327.5bn for Q3 2019

Christmas period wasn’t all fun for shareholders of First Bank Nigeria Holdings (FBN Holdings) after their investment in the lender dwindled 5.73 percent within five days of trading.

FBN Holdings stock lost 5.73 percent in value during the week preceding the yuletide period, as the capital market priced the share low, dragging it down to N11.5kobo per share on Friday.

This was in contrast to the N12.2kobo the stock sold for by end of trading last week Monday. The depreciation knocked down investors’ total investment value at FBN Holdings to N412.79 billion on December 24, 2021.

The dip represents N25.12 billion loss on shareholders investment on Christmas eve, considering FBN Holdings market capitalisation was N437.92 billion as of December 20, 2021, according to Ripples Nigeria analysis.

READ ALSO: Abdullah emerges First Bank chairman after Babalola’s resignation

The 5.73 percent was as a result of sell off among profit-takers as the capital market was entering a four day break, which included the Yuletide weekend and December 26 and 27, 2021.

Last week’s share depreciation knocked First Bank Nigeria Holdings into the top ten losers in the capital market, occupying the last position on the chart.

This means FBN Holdings will open trading on Wednesday from the losers corner, with sell off still hanging above the commercial bank.

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