FirstHoldCo Plc, financial services group and parent company of First Bank, gained 26 percent on the stock market as investor sentiment strengthened ahead of the release of its second-quarter 2026 earnings.
The heavy buying activity pushed the group’s valuation closer to its 52-week high on the Nigerian Exchange (NGX), with First Holdco now trading about 16 percent below its highest point in the last 12 months.
According to data from the Nigerian Exchange, the company’s share price movement closely mirrored the broader market trend, as the exchange’s overall capitalisation rose by N9.34 trillion week-on-week.
FirstHoldCo’s share price climbed to N69.20 at the close of trading on Friday, up from N55, as investors increased their exposure to the banking group led by billionaire businessman Femi Otedola.
Trading activity in the stock was notably high through the week, with about 1.3 billion units changing hands on Thursday, followed by 18 million units traded on Friday.
Analysts say the surge in demand suggests investors are positioning strategically ahead of the group’s next capital raise, as FirstHoldCo works to restore its capital adequacy ratio to levels compliant with the Central Bank of Nigeria’s regulatory benchmark, which it currently falls below.
With 45.474 billion outstanding shares, the company’s market value surged to N3.146 trillion by the close of last week’s trading session.
The rally builds on a similar uptick recorded weeks earlier, when FirstHoldco shares jumped 10 percent as investors moved to buy the dip, reflecting sustained confidence in the lender’s recovery path and its upcoming capital-raising plans.
The banking group’s improved market performance comes at a time when investors across the Nigerian equities space are closely watching the financial services sector for signs of stronger earnings and capital resilience, particularly among institutions still working to meet the apex bank’s recapitalisation requirements.
