FirstHoldco Falls to N4.68trn as Investors Continue to Exit Positions
FirstHoldco Plc’s 45.475 billion outstanding shares have dropped to N4.68 trillion after a significant pump-up that lifted the financial services group’s market value to N7.5 trillion.
A review of FirstBank of Nigeria’s non-operating holding company shows its market value has dropped by N2.8 trillion as selling rallies persisted.
Trading data from the Nigerian Exchange (NGX) showed FirstHoldco dropped to N103 per share on Wednesday amid broader sell pressure in the local bourse.
The Marina-based elephant-branded financial services group’s moderated share price dragged the banking index lower on Wednesday.
FirstHoldco fell about 4% on a huge transaction value totalling N2.202 billion, with 20.996 units of the group executed in the stock market.
The group’s stock market value topped N7.5 trillion after its chairman, Femi Otedola, ramped up holdings. Other investors seeking a green signal saw the chairman’s move as a buy signal and entered positions ahead of Q3 earnings.
The group earnings came in strong as expected, but the market has already priced the financial scorecard into FirstHoldco. Without a new catalyst, investors have continued to rotate out of their positions, and the share price has fallen from a peak of N165 to N103. #FirstHoldco Falls to N4.68trn as Investors Continue to Exit Positions# FirstHoldco Loses N2.50trn in Market Value as Euphoria Fades
