FirstHoldCo Slips 13% Below 52-Week High Ahead of Q3 Earnings
FirstHoldCo Plc 45.575 billion outstanding shares market value slipped about 13% below its 52-week high on the Nigerian Exchange (NGX), its trading data from the local bourse revealed.
The financial services group remains the largest among listed banks on NGX by market capitalisation which printed at N6.532 trillion versus Zenith Bank (N5.532 trillion), GTCO (N4.806 trillion) UBA (N1.913 trillion) and Access Holdings (N1.604 trillion).
Meanwhile, the financial stock has been fluctuating due to pre-earnings sell pressure on the Nigerian Exchange. Investors are adjusting portfolio ahead of third quarter earnings release – the next catalyst for FirstHoldCo re-rating.
Reversing its recent trend, transaction volume on FirstHoldCo shares have reduced sharply after the group announced closed period. Shareholders have been shifting portfolio through heavy block trades outside Nigerian market to stem share price volatility in the financial services company.
Still, FirstHoldCo maintained top market performance following a significant rally that greeted its dividend policy announcement. The disclosure on payout ratio attracted dividend seeking investors who tap along potential dividend payment expectation in financial year 2026.
FirstHoldCo is rated low on historical dividend payout versus its tier-1 banking group rivals in the local bourse. The emergence of a new sheriff in person of Femi Otedola, its new chair has resulted in changes which old board had used to – heavy paycheck to top directors, lower payout to shareholders.
Until recently, FirstHoldCo was not cleaned despite series of balance sheet cleaning programme. The market is watching how Otedola is piloting the governance and operating affairs of the oldest bank in the stock market.
Investors, and other market participants take cognizance of the group recent dividend policy announcement, and it boosted its market cap significantly, coming from the bottom to the top.
