First HoldCo Plc extended its decline for a third consecutive trading session on Friday to bring its cumulative loss to 23.1% as investors traded 414.35 million shares worth N49.58 billion.
The financial services group closed at N119.15 or 5.1% below N125.55 it closed on Thursday as sustained selling pressure continued following market reaction to its nine-month financial statements released last week.
First HoldCo opened Friday at N125.55, which was also the day’s highest price, before falling to a low of N119.10 and eventually closing at N119.15.
The latest decline followed two consecutive 10% losses.
First HoldCo closed at N155 on October 27 before plunging to N139.50 on October 28. It declined by another 10% to N125.55 on October 29 before Friday’s 5.1% drop pushed the stock to N119.15.
The three-day selloff has wiped N35.85 off the share price, representing a cumulative decline of approximately 23.1%.
Trading activity was substantial on Friday, with 414.35 million shares valued at N49.58 billion changing hands.
The sustained decline followed the release of First HoldCo’s nine-month financial statements, which showed strong profit growth alongside weaker net interest income and substantial other comprehensive losses.
Profit after tax increased 65.1% to N744.45 billion, while profit before tax rose 60.8% to N911.24 billion.
Total assets increased to N32.20 trillion, while customer deposits stood at N22.91 trillion.
However, net interest income declined 16% to N1.26 trillion, while the group recorded N228.81 billion in other comprehensive losses. Total comprehensive income stood at N515.64 billion.
At Friday’s closing price of N119.15, First HoldCo is now N45.85 or approximately 27.8% below its 52-week high of N165.