The
share Price of
First Bank PLC has appreciated by 16% within four days following
Investors favourable response to the
Bank \'s impressive results for the year ended March 31, 2007.
First
Bank PLC had last
Friday announced a profit after tax of 20.4bn, up by 17.2% from 17.3bn in 2006.
Total
Assets plus contingents grew by about 48% to N1.084tn, up from N733bn. In a surprise move, for many
Investors , the banks announced a dividend N1 and a bonus of one
share for every six shares already held.
High demand for the shares by
Investors who want to benefit from the dividend and bonus has been boosting the
Price since
Friday. While
Stock appreciated by 15% last week, it recorded a growth of 16% from N46.76 on Monday to close at N54.60 on Thursday. This translates into 31%
Capital Groth within a week.
Market operators said that the
Price would rise further as demand continue to increase.