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FirstHoldCo Plc, the parent company of FirstBank, has made history by becoming the first Nigerian banking group to cross a market value of N6 trillion on the Nigerian Exchange (NGX), following a strong rally in its share price.
The milestone was achieved during trading on Monday, August 3, when the company’s shares rose to N136.50, pushing its market capitalisation to about N6.21 trillion. This means investors now value the bank at more than N6 trillion, making it the most valuable banking group listed on the Nigerian stock market.
Market capitalisation simply refers to the total value of a company’s shares in the stock market. It is calculated by multiplying the share price by the total number of shares in circulation.
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The latest achievement reflects growing investor confidence in FirstHoldCo, driven by its strong financial performance, improved profitability and sustained demand for its shares. The company has been one of the best-performing banking stocks on the NGX this year, benefiting from increased local and foreign investor interest.
The development also highlights the strong rally in Nigeria’s banking sector, where investors have continued to buy bank stocks amid expectations of higher earnings and improved capital positions.
