First HoldCo share value more than doubled in July, rising 122%

By Abubakar Yunusa

First HoldCo has delivered one of the strongest returns on the Nigerian Exchange (NGX) in July, with its share value appreciating by 122.02 percent less than a month.
According to stock market data on the NGX, the company’s share price more than doubled, closing at N127 on Tuesday, compared with N57.20 kobo on July 1.
This indicates equity traders were willing to pay N69.8 kobo more for a share of First HoldCo in just 28 days.
The appreciation means an investor who bought N1 million worth of First HoldCo shares at the beginning of July would now have an investment valued at about N2.22 million, translating to a gain of roughly N1.22 million in a month.
The latest surge extends a record-breaking run for the financial institution, whose shares have repeatedly hit fresh all-time highs in recent weeks.
The stock touched N120.50 kobo per share last week before climbing further to N127, underscoring sustained buying interest from equity traders.
The latest price also places First HoldCo ahead of Zenith Bank — on the list of the most expensive bank shares — whose share price closed trading at N126.60 kobo, while narrowing the gap with GTCO at N131.40 kobo.
Also, UBA traded at N47, while Access Holdings closed at N26.90 kobo.
TheCable had earlier reported that First HoldCo became Nigeria’s most valuable bank on the bourse, after overtaking Zenith Bank and GTCO by market capitalisation.
The latest share price surge comes almost one week after Femi Otedola, the chairman of First HoldCo, increased his shareholding in the financial institution to 21.96 percent stake.