FirstHoldco Jumps on Significant Off-market Block Trade
The equity market value of First Holdco Plc soared by about 10% on Wednesday following a sizeable transaction conducted outside the Nigerian Exchange (NGX).
Data from the Nigerian Exchange showed its share price rose to N32.2 as 33.199 million units of First Holdco valued at N1.021 billion exchanged ownership in the market.
This fueled a sharp increase in total volume traded on the NGX, up by 807.03% to 11.67 billion units, while total value traded soared by 1,028.44% to N363.41 billion.
According to CardinalStone Securities Limited, this is largely on the back of a sizable off-market block trade in FIRSTHOLDCO. Notably, 10.43 billion units of FIRSTHOLDCO exchanged hands at a unit price of N31.00 across 17 transactions.
At the current market value, First Holdco Plc is now trading at a moderate discount to its 52-week high in the Nigerian market.
The market value of First Holdco Plc’s 41.877 billion shares outstanding surged by 9.9% to N1.348 trillion in the equities market on Wednesday as investors anticipate earnings release.
MarketForces Africa reported that block trades are transactions involving a large portion of shares traded off-market between buyers and sellers. #FirstHoldco Jumps on Significant Off-market Block Trade Benchmark Yield Crashes as Investors Hunt FGN Bonds
