By Yahaya Umar
First Holdco Plc’s market value surged by about 18% over 4 days of rallies driven by increased trading activities from buy-side actors in the equities market. Investors re-entered positions after the company’s annual general meeting and final dividend approval.
In the first quarter, First Holdco delivered an unimpressive earnings performance. But analysts said the group’s earnings is expected to pick up, and matched its market or industry rivals in the second quarter on hope its non-interest revenue will recover.
According to data from the Nigerian Exchange, First Holdco’s share price climbed sharply over a four-day rally to settle at N29.4 on Thursday’s close, when 19.679 million units valued at N571.875 million exchanged hands.
Trading data from the Nigerian Bourse showed the four trading sessions were marked by higher trading volume on First Holdco, and the bank share price surged each day.
The huge volume that pushed First Holdco’s market value above N1.2 trillion signals investors’ renewed confidence in the oldest listed banking group in the Nigerian Exchange. Stockbrokers said the rising market price of First Holdco Plc signals the renewed investors’ confidence in the financial services group.
Stock market analysts said the huge trading volume measures market participation and conviction, with higher volume generally indicating stronger support for price movements.
Now, the market value of First Holdco Plc.’s 41.877 billion shares outstanding in the local bourse climbed to N1.231 trillion, up by 17.6% from the previous week’s close.
