First Holdco Records Significant Block Trade, MV Slides
First Holdco Plc market value (MV) declined to N1.285 trillion following significant block trade outside the Nigerian Exchange trading platform on Tuesday.
Its share price fell to N30.7 as 100.993 million units of First Holdco shares outstanding on the Nigerian Exchange valued at N3.151 billion were traded.
A transactions totalling 63 million shares were executed at the same market price of ₦31.20 resulting in a trade value of ₦2.7 billion, Anchoria Securities Limited told investors in a note.
The group market value reduced by more than N25 billion following Tuesday trading activities which saw private sale of large shares of First Holdco.
The block transactions, according to stockbrokers, are often executed by institutional investors to avoid market disruption. First Holdco swings would have been sharp if such huge position exit were taken through the open market. Wema Bank Slumps on Huge Trade Volume, Investors Exit Positions
