FirstHoldco Hits 52-Week High on Substantial Trading Volume
FirstHoldco Plc hit a new 52-week high on the Nigerian stock market, driven by high trading volume and sustained interest in the financial services company’s shares.
The share price of FirstHoldco rose to N165 on the local bourse on Wednesday, as more than 10 units, valued at about N1.8 billion, were traded.
Back-to-back, First Holdco is gaining, and the elephant is leaving the hyenas and hippos of the Nigerian banking industry behind in a fast-and-furious manner — call it sentiment; it has definitely skewed in favour of the oldest listed bank in the stock market.
The non-operating holdings company of First Bank of Nigeria Limited has continued to attract investors searching for value since July, in post-capital raising attractions.
The post-balance sheet clean-up reactions in the stock market have been strong, and questions about sustainability have not been satisfactorily answered by a slew of stockbrokers.
FirstHoldco has achieved its regulatory capital adequacy ratio and reduced its non-performing loans following a significant credit impairment charge recently booked against its profit.
For most stockbrokers, the group’s clear dividend policy is a key driver of buying interest in the company’s shares, and there is hope its recent earnings momentum will continue.
Analysts said there is a clear effort to return FirstHoldco to the league of performing financial institutions with healthy dividends and value creation.
At the close of the trading session on Wednesday, the market value of First Holdco Plc’s 45.475 billion outstanding shares increased to N7.5 trillion – the highest on record.
First Holdco Sees 18% Valuation Surge on Clear Dividend Policy Bets
