First Holdco Slides amidst Unusual Volume Trade
First Holdco Plc saw a soft price decline in the equities market as a huge volume of shares of the financial services company were traded in block on Monday.
According to data from the Nigerian Exchange, First Holdco’s share price declined to N24.7 as more than 106 million units valued at N2.64 billion were traded at the beginning of the week.
The structure of the deal limited First Holdco price volatility amidst health equities market activity, supported by corporate earnings and dividend payments.
A Lagos-based investment firm, AIICO Capital Limited, told investors in a note that trading activity was buoyed by large crosses—most notably 100 million shares of First Holdco closed at ₦24.90.
But First Holdco’s share price declined below the block deal rate as additional shares were logged, widening the gap between the going market price and its 52-week high in the stock market.
First Holdco’s 41.877 billion outstanding shares were valued at N1.034 trillion in the market, about a 27.4% discount below its highest valuation in 12 months. #First Holdco Slides amidst Unusual Volume Trade#
