Trading activity in First HoldCo Plc remained elevated on the Nigerian Exchange (NGX) on Tuesday with investors exchanging N10.87 billion worth of the company’s shares in two trading sessions following recently disclosed insider transactions.
First HoldCo recorded 57.76 million shares valued at N6.31 billion on November 10, making it the second most actively traded stock by volume and one of the biggest contributors to market turnover.
This followed the 42.14 million shares worth N4.56 billion that changed hands on Monday, November 9.
Combined, approximately 99.90 million First HoldCo shares valued at N10.87 billion were traded across the two sessions.
The sustained activity comes after First HoldCo disclosed that seven insiders at the holding company and its subsidiaries acquired a combined 10.016 million shares worth approximately N901.4 million.
All seven transactions were executed at N90 per share between October 30 and November 6.
The largest disclosed purchase was made by Ini Ebong, Deputy Managing Director of First Bank of Nigeria Limited, who acquired 5.5 million shares worth N495 million on November 5.
First HoldCo Group Managing Director Adebowale Oyedeji purchased another 2 million shares valued at N180 million on the same day, while other executives and insiders accounted for the remaining purchases.
The latest trading activity follows an extraordinary surge in First HoldCo turnover on November 5, when 478.42 million shares worth approximately N44.94 billion changed hands.
The size of that transaction remains significantly larger than the insider purchases subsequently disclosed.
The three insider transactions dated November 5 amounted to just 7.61 million shares worth N684.9 million at N90 per share, representing only a small fraction of the 478.42 million shares recorded in First HoldCo that day.
The identity of the seller or sellers behind the bulk of the November 5 turnover has not been established by the insider disclosures.
Interestingly, the N44.94 billion value attached to the 478.42 million shares traded on November 5 implies an average transaction price of approximately N93.94 per share, relatively close to the N90 price at which the seven insiders disclosed their purchases.
However, the disclosures do not establish a direct connection between the broader November 5 turnover and the insider transactions beyond the purchases specifically reported.
First HoldCo’s continued appearance among the NGX’s most actively traded equities suggests that investor activity in the stock remains elevated following the sharp share-price decline and unusually large transactions recorded in recent sessions.