First Holdco Falls below N1 Trillion in Equities Market
First Bank Holdings Plc, now First Holdco market value fell below N1 trillion market capitalisation ahead of its official capital raise announcement on the Nigerian Exchange.
According to information obtained from the local bourse, First Holdco declined four out of five trading sessions with fluctuation around its daily trading volumes. Hence, its market value tracked below N1 trillion last as confirmed by data obtained from the Nigerian Exchange.
The financial services group’s 35,895,292,792 shares outstanding were priced at N969.172 billion on NGX at the close of trading session, down by 5.6% from previous week close.
First Holdco closed the week at N27 from N28.6 at the beginning of the trading week as board planned to release audited financial statement for 2024.
Analysts of the group’s market price movement showed that First Holdco Plc traded at about 36% discount to its 52-week high on NGX.
In a regulatory filing, First Holdco board of directors said they held extra ordinary general meeting to consider the group 2024 audited financial statement.
In its unaudited report, First Holdco said profit after tax grew by about 140% year on year reached N738.857 billion in 2024 from N308.433 billion in the comparable period in 2023.
Its earnings report revealed that pressure from huge FX liabilities eased. First Holdco reported a sharp moderation in foreign exchange losses in 2024, settling at N62.598 billion from N334.230 billion in 2023.
The financial services company’s strong bottom line was supported by a sharp annual growth in net interest income, up by 155% to N1.391 trillion from N546.288 billion in 2023. #First Holdco Falls below N1 Trillion in Equities Market#
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