First HoldCo Plc has reached a historic milestone on the Nigerian Exchange (NGX), with its share price climbing to an all-time high of N87.25, pushing the financial services group’s market capitalisation above N3.8 trillion for the first time.
The rally reinforces First HoldCo’s position as one of the best-performing banking stocks on the NGX this year, as investors continue to accumulate the stock despite broader market volatility.
At the record share price, the company’s market value stands at approximately N3.83 trillion, making it one of the largest listed financial institutions in Nigeria. Only GT HoldCo and Zenith Bank currently command higher market capitalisations on the exchange.
First HoldCo touched the record high during Thursday’s trading session, surpassing its previous peak amid sustained investor demand.
The stock’s strong performance has been supported by the company’s successful private placement, improved earnings, and growing investor confidence in its long-term growth strategy.
Analysts also attribute the rally to increased institutional participation, with investors positioning ahead of expected improvements in profitability, capital adequacy and shareholder returns.
The latest surge means First HoldCo’s share price has more than doubled over the past year, significantly outperforming both the NGX Banking Index and the broader All-Share Index.
The stock is currently trading at a price-to-earnings (P/E) ratio of 15.9x, one of the highest valuations in Nigeria’s banking sector, reflecting strong market expectations for future growth.
Further details are expected as trading progresses.
