Table of Contents
FCMB Group shares moved closer to their 52 week high on Wednesday after large cross deals worth N20.9 billion ($13.9 million) swept through the Nigerian Exchange.
The Tier 2 lender’s stock rose 3.8 percent to N12.30 ($0.0082), up from its opening price of N11.85 ($0.0079). That gain brings the share price within reach of its 52 week high of N12.95 ($0.0086). Over the same period, the stock has traded as low as N8.35 ($0.0056).
The rally was triggered by two major cross trades of 1.2 billion shares each at N12.30 ($0.0082), followed by another 500,000 shares executed at the same price. Cross deals of that scale typically point to institutional repositioning rather than retail activity.
By the close of trading, a total of 2.94 billion shares worth N35.88 billion ($23.9 million) had changed hands. FCMB accounted for more than 80 percent of total market volume and nearly 58 percent of the day’s trade value, making it the clear driver of activity on the Exchange.
The heightened interest comes at a critical time for the group. FCMB is in the middle of a N500 billion ($333 million) capital raise to meet new regulatory requirements ahead of the March 31, 2026 deadline. At the same time, the lender has been expanding its retail banking footprint while committing more resources to technology led services aimed at strengthening its operating platform.
In recent trading sessions, the shares have hovered between N11.85 ($0.0079) and N12.50 ($0.0083), with consistent buying activity helping to keep the momentum intact.
A decisive move above the recent peak will likely hinge on how investors view the group’s capital raising plans and the overall outlook for Nigeria’s banking sector.
