First HoldCo hits record N87.25, market value tops N3.8trn

Shares of First HoldCo Plc on Thursday climbed to an all-time high of N87.25 during trading on the Nigerian Exchange (NGX), lifting the group’s market capitalisation above N3.8 trillion for the first time in its history.

The strong price rally further cements First HoldCo’s position as one of the Nigerian Exchange’s best-performing banking stocks this year.

At N87.25 per share, the company’s market capitalisation rose to approximately N3.83 trillion, making it one of the largest financial institutions by market value on the Nigerian Exchange. Only GT HoldCo and Zenith Bank currently have higher market valuations.

The stock reached N87.25 during intraday trading, setting a new all-time high and surpassing its previous record.

The latest milestone comes amid sustained investor demand following the company’s successful private placement, improving earnings performance and growing optimism over its long-term growth strategy.

The shares have also benefited from increased institutional participation, with investors positioning ahead of expected improvements in profitability, capital adequacy and shareholder returns.

The latest rally means First HoldCo has now more than doubled in value over the past year, significantly outperforming both the NGX Banking Index and the broader All-Share Index.

Meanwhile, the Nigerian stock market closed lower on Thursday, extending losses from the previous session as selloffs in selected large- and mid-cap stocks outweighed widespread buying interest.

The benchmark NGX All-Share Index (ASI) declined by 0.09 per cent to close at 242,145.61 points, down from 242,366.75 points in the previous session.

Investors’ wealth fell by approximately N32.16 billion, while the market’s year-to-date return moderated to 55.61 per cent.

Market capitalisation declined by 0.02 per cent, a smaller drop than the ASI, partly due to the additional listing of 13.81 billion ordinary shares of STERLINGNG on the Nigerian Exchange on Wednesday.

The market’s decline was driven by losses in several bellwether stocks, including EUNISELL (-10.00%), BUACEMENT (-9.99%), CAP (-9.61%), TRANSCORP (-0.81%), ACCESSCORP (-0.40%) and PZ (-0.06%), alongside declines in 17 other stocks.

Despite the negative close, market breadth remained positive, with 27 gainers compared with 23 losers, reflecting strong buying interest despite selloffs in fundamentally strong stocks.

FIRSTHOLDCO topped the gainers’ chart, trading above its 52-week high of N79.35 to reach N87.25, while EUNISELL led the decliners.

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