First Holdco Plc’s share price climbed to an all-time high of N140 on Thursday, lifting its market capitalization to N6.37 trillion on the Nigerian Exchange Ltd. (NGX).
The stock, which has reached its highest level, appreciating by 192.3 per cent year-to-date and rising from N47.90 at the close of trading in 2025 to N140.
The lender also extended its rally in August, gaining 8.1 percent from N129.55 at the beginning of the month.
Its market capitalisation first crossed the N6 trillion threshold on Aug. 3, when the stock traded at N134 per share, after emerging in July as the most capitalised financial institution on the NGX with a market value exceeding N5.7 trillion.
Investor confidence has remained strong following the Chairman, Femi Otedola’s acquisition of an additional 2.49 billion shares in July, increasing his stake in the company to 26 per cent.
The sustained demand has also been supported by the group’s robust half-year financial performance.
First Holdco reported gross earnings of N1.93 trillion for the half-year ended June 30, 2026, representing a 16.7 per cent increase from N1.66 trillion recorded in the corresponding period of 2025.
Its unaudited profit before tax rose by 84.5 per cent to N653.5 billion from N356.1 billion, while profit after tax increased by 81.6 per cent to N526.1 billion from N289.8 billion recorded a year earlier.
The group’s total assets grew by 12.5 per cent to N30.65 trillion as of June 30, 2026, compared with N27.25 trillion at the end of the 2025 financial year, driven by growth in customer deposits as well as net loans and advances.
Commenting on the stock’s strong performance, the vice president of Highcap Securities Ltd., Mr David Adonri, attributed the rally partly to the company’s planned offer for sale.
Adonri said the sustained price appreciation could be aimed at creating a wider margin between the prevailing market price and the eventual offer price, making the offer more attractive to investors.
“My thinking is that the price movement may be coming from the fact that they are doing an offer for sale.
“Setting the offer price at a significant discount to the prevailing market price could encourage more investors to subscribe,” he said.
He, however, noted that apart from the proposed offer and the company’s impressive half-year earnings, there had been no major fundamental development to fully explain the scale of the recent rally.
Adonri added that his assessment remained speculative, stressing that only those driving the market knew the target price for the stock.
