FirstHoldco Downtrend Extends over Weak Buying Conviction
The momentum has slowed sharply, with the market value of FirstHoldco Plc’s 45.475 billion outstanding shares falling to N6.275 trillion at the close of Friday’s trading session.
The decline in First Bank of Nigeria Limited’s share price mirrored broader bearish sentiment in the Nigerian stock market. The company had hit N7.503 trillion in market value after a recent share purchase by its chairman, Femi Otedola, and the announcement of its overhauled dividend policy.
A review of FirstHoldco trading data on the local bourse showed that trading in the banking group’s shares has declined following the board of directors’ declaration of a closed period.
Data from the Nigerian Exchange (NGX) showed that FirstHoldco’s share price declined to N138 as sell-side actors took the stage in the absence of insiders, who often trade in heavy volumes.
The financial services company’s share price fell by about 4% week on week to close at N138 from N143.65 at the beginning of the trading session last week in the absence of fresh catalyst.
FirstHoldco will open the trading session on Monday at 16.4% below its 52-week high on the Nigerian Exchange. The market continues to look forward to receiving the group’s unaudited financial statements for the first 9 months of financial year 2026.
Stockbrokers said FirstHoldco will see a fresh re-rating after the earnings release, as the restriction on insiders’ activities is expected to be lifted following official disclosure on the Nigerian Exchange.
The strength of the FirstHoldco re-rating will depend solely on the earnings scorecard for the nine months of financial year 2026 and balance sheet quality, according to stock market analysts.
