First HoldCo Plc recorded one of the most decisive price re-ratings on the Nigerian Exchange in December 2025, with its share price rising from ₦31.45 to ₦50.35 within seven trading sessions.
The move represents a gain of more than 60 percent and coincided with heavy volumes and multiple insider transactions involving senior executives and entities linked to the board.
Market data shows that the rally was not driven by a single speculative session but unfolded in a structured sequence marked by rising prices, strong absorption of supply, and aggressive insider accumulation at progressively higher price levels.
Seven-Day Price Performance: A Step-by-Step Repricing
The price movement in First HoldCo Plc followed a consistent upward trajectory with each trading session closing higher than the previous one.
| Date | Closing Price (₦) | Daily Change (%) | Volume |
|---|---|---|---|
| Dec 12, 2025 | 31.45 | — | 14,940,971 |
| Dec 15, 2025 | 34.55 | +9.9% | 28,587,791 |
| Dec 16, 2025 | 36.00 | +4.2% | 51,923,443 |
| Dec 17, 2025 | 39.60 | +10.0% | 108,145,032 |
| Dec 18, 2025 | 42.65 | +7.7% | 385,616,855 |
| Dec 19, 2025 | 44.95 | +5.4% | 52,151,076 |
| Dec 22, 2025 | 46.00 | +2.3% | 32,615,228 |
| Dec 23, 2025* | 50.35 | +9.46% | 10,293,024 |
*Intraday as at 9:26am
The sequence shows a controlled advance rather than a single-session spike. Notably, the largest volume day occurred before the stock crossed ₦45, indicating that the bulk of positioning took place during the early stages of the rally.
Volume Analysis: Institutional Accumulation Pattern
Trading activity reveals a classic accumulation profile. The sharp spike in volume on December 18, when more than 385 million shares exchanged hands, indicated a decisive breakout session. Subsequent price gains occurred on lower volumes, suggesting tightening supply and reduced selling pressure.
This pattern is typically associated with institutional or strategic buying rather than retail-driven momentum chasing.
Insider Transactions: Timeline and Impact
Disclosed insider dealings during the period provide critical context to the price action.
December 12, 2025: Insider Sale Defines the Price Floor
| Insider | Position | Transaction | Shares | Price (₦) |
|---|---|---|---|---|
| Ini Ebong | Deputy Managing Director, First Bank of Nigeria Ltd | Sale | 11,783,333 | 31.14 |
The sale coincided with the period low and was fully absorbed by the market. Price weakness did not persist beyond this session, establishing ₦31 as a short-term structural floor.
December 18–19, 2025: Aggressive Insider Accumulation
| Insider / Related Entity | Relationship | Transaction Date | Shares | Price (₦) |
|---|---|---|---|---|
| Calvados Global Services Ltd | Company related to Chairman, Mr. Olufemi Otedola | Dec 18 | 369,986,122 | 40.06 |
| Calvados Global Services Ltd | Same | Dec 19 | 9,779,610 | 46.36 |
| Anil Dua | Non-Executive Director | Dec 19 | 6,703,900 | 45.82 |
The scale of purchases by Calvados Global Services Limited stands out, particularly the acquisition of nearly 370 million shares in a single session.
The follow-up purchase at a higher price the next day reinforces the conviction behind the accumulation rather than suggesting opportunistic trading.
December 19, 2025: Insider Reversal Confirms Shift in Sentiment
| Insider | Position | Transaction | Shares | Price (₦) |
|---|---|---|---|---|
| Ini Ebong | Deputy Managing Director | Purchase | 12,000,000 | 44.47 |
The same executive who sold shares at ₦31.14 returned to the market less than ten days later to repurchase a larger quantity at a significantly higher price.
This reversal is notable and signals a material change in insider conviction during the review period.
Market Structure and Liquidity Dynamics
First HoldCo Plc has approximately 41.88 billion shares outstanding and is listed on the Premium Board of the Nigerian Exchange.
Price movements of this magnitude therefore require substantial capital commitment.
Insider and chairman-linked buying during the period effectively absorbed available float, reducing free supply and amplifying upward price pressure.
The absence of heavy sell-offs above ₦45 further supports the view that shares migrated from weaker hands to longer-term holders.
Technical Outcome: New 52-Week High Achieved
By December 23, the stock printed a new 52-week high of ₦50.35. The breakout above the ₦46 resistance level triggered renewed momentum, with early-session trading showing continued strength despite lower volumes.
What the Market Has Repriced
Based strictly on disclosed data and trading activity, the rally reflects:
-
Sustained insider accumulation across multiple days
-
Participation by entities linked to the chairman
-
Director-level buying at rising prices
-
Absence of distribution during the advance
The repricing appears driven by governance confidence and ownership repositioning rather than speculative volatility.
Naijaonpoint’s Note
The seven-day rally in First HoldCo Plc represents a structurally clean re-rating supported by volume confirmation and multiple insider disclosures.
The transition from ₦31 to ₦50 occurred through a disciplined sequence of accumulation, breakout, and follow-through, setting the stock apart from short-lived momentum trades commonly seen in the market.
With insiders continuing to transact at elevated price levels, the recent move stands as one of the most closely watched price actions on the Nigerian Exchange in December 2025.