FirstHoldco Surges by10% as Investors Buy the Dip
First Holdco Plc’s market value surged by 10% on the Nigerian Exchange (NGX) as investors’ sentiment improved amidst a broader market downturn.
The market was down, but the banking index edged higher. Trading data from the Nigerian Exchange showed that FirstHoldco share price closed at N60.5, up by 10% week on week from N55.
Notably, trading in financial institutions’ shares was relatively heavy, with an average price of N60 throughout the week.
According to market analysts, substantial transaction volume suggests dip-buying activities increased in anticipation of improved earnings performance following the capital raise.
First Holdco is expected to be capital adequacy ratio (CAR) compliant in the third quarter of 2026, with a slew of analysts estimating moderate loan growth for 2026.
The market value of First Holdco Plc, with 45.475 billion shares outstanding, increased to N2.751 trillion on Friday’s close, reflecting investors’ optimism ahead of Q2 earnings.
The group’s recent earnings have been unimpressive despite taking on high-risk bets on oil and gas clients, even as more than 80% of funds come from customer deposits.
First Holdco will open on the local bourse at more than a 26% discount to its 52-week high, amid expectations of a fresh market recovery after last week’s sell-offs.
Its share price had peaked at N81.90, the highest on record in the stock market over the last year, according to data from the Nigerian Exchange. First Holdco Slumps 20% as Investors’ Sentiment Deteriorates
