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FBN Holdings in Longest Rising Streak in 2 Months: Lagos Mover

Dec. 12 (Bloomberg) -- FBN Holdings Plc, the owner of First Bank of Nigeria Plc, climbed fifth day to its longest winning streak in two months.

The stock jumped 5.6 percent to 16.48 naira at the close in Lagos, the longest stretch of gains since Oct. 9. The number of shares traded was in line with the stock’s three-month daily average, according to data compiled by Bloomberg.

FBN was listed on the Nigerian bourse on Nov. 26, replacing the exact number of First Bank shares, as the lender adopted a holding structure, Chairman Oba Otudeko said. Investors ended up with the same number of shares in the holding company as they owned in First Bank, he said at the time of listing.

The company have surged 83 percent this year, compared with a 32.7 percent jump in the Nigerian Stock Exchange All-Share Index.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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