First HoldCo Plc extended its remarkable rally on Thursday as sustained investor demand lifted the financial services company’s share price to N120.90 to reinforce its position as one of the Nigerian Exchange’s strongest-performing banking stocks in recent weeks.
The stock gained 9.91 percent, rising from N110.00 to N120.90 following Wednesday’s strong performance that was supported by the disclosure of a N77.6 billion insider share purchase by Calvados Global Services Limited, a company related to Chairman Olufemi Otedola.
Investor interest remained elevated despite a moderation in trading activity after Wednesday’s extraordinary session.
FirstHoldCo emerged as the most actively traded stock on the Nigerian Exchange for the second consecutive day with investors exchanging 106.40 million shares valued at N12.49 billion.
Although significantly lower than the 736.04 million shares traded on Wednesday, the latest turnover underscores continued confidence in the stock following the insider acquisition.
The rally extends a strong upward trend that has seen FirstHoldCo outperform much of the broader market this month.
The stock traded at N69.20 on July 10 before climbing steadily to N120.90 by July 23, representing a gain of nearly 75 percent in less than two weeks.
The sharp appreciation has been accompanied by consistently strong trading volumes, suggesting continued participation from institutional investors.
The latest momentum follows the company’s disclosure that Calvados Global Services Limited acquired 706,131,179 ordinary shares at N109.88 per share, a transaction valued at approximately N77.6 billion.
Based on the company’s June 30, 2026 shareholding structure, the acquisition is expected to increase interests associated with Chairman Olufemi Otedola to nearly 22 percent of FirstHoldCo’s issued share capital.
The disclosure has strengthened investor confidence by demonstrating continued commitment from one of the company’s largest shareholders during a period of heightened market activity.
Thursday’s trading also highlighted the continued dominance of banking stocks on the Nigerian Exchange.
Alongside FirstHoldCo’s strong performance, Access Holdings gained 9.98 percent, while GTCO remained one of the market’s most actively traded equities, reinforcing sustained institutional demand for Nigeria’s leading financial institutions.
Market analysts said the combination of strong insider participation, increased institutional interest and positive sentiment toward banking stocks has continued to support FirstHoldCo’s upward momentum.
Investors will now monitor whether the stock can sustain its rally as the market digests the recent insider acquisition and awaits further corporate disclosures and half-year financial results.