First HoldCo leads Nigerian Exchange with 186.64% rise
By the AFREEQUE newsroom, based on Businessday
First HoldCo has posted a year-to-date return of 186.64% on the Nigerian Exchange, ahead of Seplat Energy at 175.44% and HBM Nigeria at 163.94%. The rise is attributed to retail buying, institutional investor positioning and balance-sheet restructuring, according to BusinessDay.
First HoldCo Plc, a Nigerian financial services group, has gained 186.64% since the start of the year on the Nigerian Exchange, putting it at the top of companies listed on the NGX Premium Board, according to BusinessDay. Its shares traded at 137.3 naira on 19 October, giving it a market capitalisation of about 6,243 billion naira.
Oil and gas company Seplat Energy is up 175.44% over the same period, while HBM Nigeria has gained 163.94%. Among other major stocks tracked, Dangote Cement is up 65.52%, MTN Nigeria 61.45%, Zenith Bank 100.65%, Access Holdings 33.10% and UBA 0.84%.
BusinessDay attributes First HoldCo’s rise to retail investor buying, institutional investor positioning and renewed confidence following its balance-sheet restructuring. The move comes in a year of sharp fluctuations on the Nigerian Exchange, which lost 206 billion naira in a week, according to the weekly market review.
