First HoldCo shares hit record N87.25, pushing market cap above N3.8 trillion
First HoldCo Plc’s shares hit an all‑time high of N87.25 on the Nigerian Exchange on Thursday, pushing the company’s market capitalisation above N3.83 trillion for the first time. The rally lifts the firm above most Nigerian banks, leaving only GT HoldCo and Zenith Bank with higher valuations.
The surge follows a successful private placement, stronger earnings and growing optimism about the group’s long‑term growth strategy. Institutional investors have increased their stakes, betting on better profitability, capital adequacy and shareholder returns. Over the past year the stock has more than doubled, out‑performing both the NGX Banking Index and the broader All‑Share Index, and now trades at a price‑to‑earnings multiple of about 15.9 times.
For investors, the milestone signals strong market confidence in First HoldCo’s direction and highlights the potential upside in Nigeria’s banking sector. At the same time, the elevated P/E ratio suggests the stock may be priced for perfection, so watching upcoming earnings reports and macro‑economic trends will be key to deciding whether to hold, add or take profits.