FirstHoldco Falls by 7.2% after Femi Otedola Shares Accumulation
FirstHoldco Plc declined by about 7.2% as equity investors booked profits amid the group chairman, Femi Otedola’s, latest share accumulation.
The financial services group’s market cap fell below N6 trillion amid selling pressure, trading below its 52-week high following a sharp stock market re-rating.
According to trading data from the Nigerian Exchange (NGX), FirstHoldco’s share price declined to N129.50 on Friday, as 32.446 million units valued at N4.204 billion were traded on the local bourse.
The huge volume was driven by sell-side actors’ profit-taking activities after Femi Otedola increased bets on First Holdco amid rising keyman risk concerns.
In a disclosure, Calvados Global Services Limited, a company related to FirstHoldco’s chair, Otedola, acquired 147,737,699 shares at N140 on the local bourse on August 14.
The amount staked on the latest shares purchase totalling N20.683 billion via an open market transaction. In reaction, equities investors reduced interest in First Holdco following the share purchase announcement, with the group’s market capitalisation dropping by N457 billion.
At the close of the trading session, First Holdco Plc’s market value fell by 7.10% to N5.909 trillion, placing it about 13.4% below its 52-week high. Dangote Refinery Secures $1 Billion Backing Ahead of Planned IPO
