First Holdco’s market cap crosses N6trn 

First HoldCo Plc’s market capitalisation has climbed above N6 trillion after its shares rallied to a fresh high on the Nigerian Exchange (NGX).

The latest record further cements the company’s position as Nigeria’s most valuable listed banking group.

The lender’s shares rose by 5.48 per cent to N136.65 — an all-time high record in 52 weeks of trading activity.

The mid-day trading on Monday added N7.1 to its value, compared with N129.55 it closed with on July 31.

With 44.45 billion outstanding shares, the rally lifted First HoldCo’s market capitalisation to about N6.23 trillion, extending a remarkable run that has seen the stock more than double over the past month.

However, at the close of trading, the company’s share price dropped to N134 but still retained its market capitalisation at N6.09 trillion.

The bank’s trading performance on Monday reflects its bullish run seen in recent months. The stock touched N120.5 kobo per share in July before climbing further to N127, underscoring sustained buying interest from equity traders.

The share price surge comes less than one week after Femi Otedola, the chairman of First HoldCo, increased his shareholding in the financial institution to 25.88 percent stake.

Otedola had acquired 1.77 billion shares of the financial institution through his investment vehicle, Calvados Global Services Limited.

According to a statement obtained from the Nigerian Exchange (NGX), Otedola acquired the shares at a value of N222.20 billion on July 30 — the second in the month.

Monday’s bullish swing widens the gap between First HoldCo and its closest banking peers by market value.

Guaranty Trust Holding Company (GTCO) gained 1.54 percent to trade at N132, while Access Holdings rose 0.76 percent to N26.5.

Zenith Bank’s share price increased by 1.9 percent to N125.8 and United Bank for Africa (UBA) added 0.56 percent to N44.75.