FirstHoldco Slips Amidst Huge Trading Volume, YTD Return Eased
FirstHoldco Plc’s market value slid softly in the equities market amidst huge trading fuelled by some negotiated off-market deals. At a reference share price of N31.90, First Holdco delivered a 12.66% year-to-date (YTD) return. The return declined following a soft price decline to N31.
Trading data from the Nigerian Exchange showed tight price movement in the financial services company kept its market value hovering behind N1.3 trillion. In 2025, First Holdco missed the upside valuation adjustment festival in the Nigerian stock market.
Despite similar fundamentals, the market value of FirstHoldco hovered around N1.3trn, versus GTCO (N3.387trn), Zenith Bank (N2.868trn), UBA (N1.842trn) and Access Holdings (N1.378trn).
Femi Otedola’s backed financial institution lost N37.690 billion from its market value week on week after its chairman increased bets ahead of the looming Q3 earnings release.
Otedola did not get a dime as interim dividends after a series of share purchase transactions to double down his holdings in the oldest listed finance warehouse.
Throughout last week, huge numbers of First Holdco were transacted – in the Nigerian Exchange, including some off-market deals.
The negative price movement amidst increased market activities suggests some investors who were willing to exit their positions found buyers to replace them.
Stockholders traded between 7.8 million units from the low side to as high as more than 100.0 million shares of First Holdco, resulting in its price depreciation.
First Holdco is among the listed companies that failed to be significantly re-rated in the stock market, steeply underperforming the Nigeria Exchange All Share Index’s 38% year-to-date return.
The group failed to create comparable wealth for its shareholders with a track record of unimpressive dividend payments. FirstHoldco has the potential to deliver, according to several analysts’ estimates, but vested interests in the group have often been an issue.
Most importantly, investors seeking sufficient or industry’s benchmark returns may find unworthy members in a portfolio except those seeking unquantified benefits at the board level.
The market anticipates better performance for the third quarter after First Holdco’s unimpressive first-half earnings fallout. At N1.298 trillion, First Holdco is trading at more than a 17% discount to its highest value in 52 weeks, data obtained from the Nigerian Exchange revealed. CBN Powered Naira Rally with $70m FX Sales to Banks
