Shares of First HoldCo Plc plunged 10 percent to N139.50 on Wednesday as investors continued to digest the financial services group’s nine-month results.
The stock declined by N15.50 from its previous close of N155 to N139.50 on October 28, making First HoldCo the biggest equity loser on the Nigerian Exchange during the session.
The decline followed heightened trading activity in the stock after First HoldCo released its financial statements for the nine months ended September 30, 2026.
On October 26, investors exchanged 14.37 million First HoldCo shares valued at N2.10 billion, placing the company among the most actively traded equities by value during that session.
The latest price decline provides a clearer indication of the market reaction as investors assess the different components of the group’s financial performance.
First HoldCo reported profit after tax of N744.45 billion for the nine-month period, representing a 65.1 percent increase from N450.87 billion recorded in the corresponding period of 2025.
Profit before tax increased 60.8 percent to N911.24 billion, while total assets expanded 18.1 percent to N32.20 trillion.
Customer deposits also increased 21.3 percent to N22.91 trillion.
However, the underlying results were mixed despite the strong headline profit growth.
Net interest income declined 16 percent to N1.26 trillion, while recoveries, fee income, gains on financial instruments and lower impairment charges supported the increase in profitability.
The group also recorded N228.81 billion in other comprehensive losses during the period.
After accounting for those losses, First HoldCo’s total comprehensive income stood at N515.64 billion.
The 10 percent decline in First HoldCo shares came during a generally weaker trading session on the NGX with the All-Share Index falling 0.44 percent to 252,882.78 points.
Investors traded 404.11 million shares valued at N27.91 billion across 39,012 deals during the session.
Despite First HoldCo’s decline, banking stocks remained prominent in market activity.
UBA led trading volume with 38.48 million shares worth N1.57 billion and gained 6.83 percent to N43.
Access Holdings recorded 30.74 million shares valued at N881.53 million, while Zenith Bank traded 30.57 million shares worth N3.67 billion.
GTCO also recorded 26.33 million shares valued at N3.18 billion.
First HoldCo’s decline to N139.50 marks a notable shift from the initial heavy trading that followed the release of its nine-month results as investors continue to assess whether the 65 percent increase in headline profit outweighs the weaker net interest income and losses recorded through other comprehensive income.
