First Holdco Falls to N933bn ahead of Audited Report
First Holdco Plc market value fell by more than 10% in the last seven trading session on Nigerian Exchange (NGX) to settle at N933 billion on Friday as investors sell down positions in the financial services group.
Sentiment remained depressed as investors look forwards to the group’s audited report for financial year 2024, and possibly dividend announce. First Holdco said in a regulatory filing that its board would consider the group audited report at a meeting scheduled for March 21.
The absence of the elephant branded financial services group’ audited earnings, and dividend information keeps investors bargain hunting in check, causing First Holdco market valuation to continue to fluctuate below N30.
First Holdco share price fell to N26 on Friday as more than 4.743 million units valued at N125.134 million exchanged hands. In the last seven trading session on NGX, First Holdco has seen more investors dumping the banking stocks than any hunter seeking to take position ahead of first quarter earnings.
Its share price declined to N26 from N28.90 over seven trading session. This caused its market value to decline below N1 trillion. A slew of securities firms see upside potential in First Holdco as its share trades as more than 25% to its highest price in 52-week.
Trading history showed that First Holdco has become more volatile than its peers. At the current price, First Holdco is only Tier-1 banking group worth less than N1 trillion.
It is also the only financial services group in the top category that is yet to release audited financials or declare dividend to shareholders. In its unaudited report for 2024, the group reported net income of N736.734 billion, a significant jump of 140% from N308.433 billion in 2023.
