Stanbic IBTC Africa raises hope of a Bullish Market, Ahead of 2019 Elections


The anticipated volatility in the 2019 elections notwithstanding, some foreign investors are maintaining their bullish outlook in Nigeria in the face of rising oil price and expanding consumer market.
Early today, Stanbic IBTC Africa Holdings Limited (a wholly owned subsidiary of Standard Bank Group Limited) and parent company of Stanbic IBTC Holdings PLC (“Stanbic IBTC”) acquired an additional 1,141,191,943 (one billion, one hundred and forty one million, one hundred and ninety one thousand, nine hundred and forty three) ordinary shares in Stanbic IBTC Holdings PLC in an “Off-Market” transaction.
With this acquisition, the total percentage shareholding of Stanbic Africa Holdings Limited in Stanbic IBTC has increased by 11.35% from 53.09% to 64.44% post this transaction.
The deal which was crossed on the floor of the Nigerian Stock Exchange (NSE) today was executed by Stanbic IBTC Stockbrokers Limited on behalf of the seller (Stanbic IBTC) and by Rencap Securities Limited on behalf of the seller.
It is not exactly clear who the seller is as at the time of filing this report.