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Home Markets Equities Stock Market

Stanbic Share Price Falls By 17% Since The FRCN Suspension

Nairametrics by Nairametrics
October 28, 2015
in Stock Market
Stanbic Share Price Falls By 17% Since The FRCN Suspension
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Stanbic IBTC shares fell for the third day running as investors continued to dump the shares amidst the controversy with the Financial Reporting Council of Nigeria (FRCN). The stock lost 7.5% of Wednesday making it the third straight day of losses since the FRCN announced that it was investigating the bank for engaging in unapproved transactions with its foreign technical partners in the last four years. It lost 4.9% on Tuesday and another 5% on Monday. The bank has now shed about 17% in the last three days alone.

Stanbic IBTC rights issue was also suspended in September by the Security and Exchange Commission citing investigations currently being carried out by National Office for Technology Acquisition and Promotion (NOTAP), CBN and the FRCN.

Stanbic as at Wednesday was  yet to release its 2015 9 Months results. The share price closed at N19.20 and has lost 29% in value this year alone.

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Tags: Stanbic IBTC
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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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