First Holdco Sees Soft Rally Amidst Huge Block Trade

First Holdco Sees Soft Rally Amidst Huge Block Trade

First Holdco Plc market value increased in the equity market amidst significant trading volume executed by its shareholders. The soft rally came amidst block trade activities on the stocks.

Several transactions involving 40 million shares were executed at ₦30.65 – ₦31.00 per share, amounting to a trade value of ₦1.24 billion on Wednesday, Anchoria Securities Limited told investors in a note.

Market value of the financial services group climbed to N1.298 trillion as 41.109 million units of First Holdco valued at N1.422 billion were traded in the local bourse.

The significant transactions on the stock were driven by buy-side investors, a recovery from previous trading sessions. A slew of equity analysts set higher price targets for First Holdco, with upside potential ahead of the third quarter earnings release.

First Holdco has been trading behind its highest market value of N37.5 per share in 52 weeks. Trading at a significant discount to its 52-week high, a slew of stockbroking firms have rated the stock a buy—with higher upside potential. Banking, Insurance Sectors Drive NGX Index Higher by 29bps