FCMB Rises after Insiders’ Shares Purchase

FCMB Plc’s market valuation rose moderately after last week after records share purchases made by the tier -2 bank’s directors on May 10, 2023. These insiders added more shares to their portfolio after the completion of the annual shareholders meeting in April where a final dividend of 25 kobo was approved.

In its corporate disclosure on directors dealing, FCMB reported that a total of 12,377,379 additional shares were acquired by five of its directors at N4 per share on Wednesday.

The transactions were consummated early in the week, according to its stock market disclosure, at N4 per share. At the close of the trading session, the group saw its share price rose to N4.24 with a total of 80,176,357 volume traded.

The review of director dealing disclosure showed that Primrose Investment acquired 2,750,000 shares while another director Femi Badeju bought 2,500,000 units.

Gbolahan Joshua bought 2,127, 379 shares on the same day, the same time when FCMB Chief Executive Officer Yemi Edun made payments for 3,000,000 shares of the bank she leads.

Obaro Odeghe also acquired 2,000,000 shares of FCMB at N4 on the same day. The weekly gain pushed year to date gain to about 16%.

At the close of the trading session on Friday, investors in the Nigerian Exchange valued FCMB Plc at N80.597 billion on its 19.802 billion shares outstanding.

According to stock market data, the diversified financial services boutique recorded a 1.75% price appreciation following its director and other interest share purchase.