February 05, (THEWILL) — Shares of First Holdco Plc rebounded strongly on the Nigerian Exchange (NGX), erasing earlier losses and returning to pre-sell-off levels as renewed investor confidence lifted demand for the stock.
On February 4, the company’s shares rose by 9.92 per cent, gaining N4.40 to close at N48.75, after heavy buying pressure dominated trading activities.
The rally pushed the stock back above the N45 range, where it traded before recent market declines.
Analysts attribute the renewed momentum to growing confidence in the group’s strategic repositioning under chairman Femi Otedola, alongside efforts to clean up the balance sheet and strengthen long-term performance.
The rebound follows the company’s decision to take a one-off N748.13 billion impairment charge to write off bad loans a move that initially weighed on earnings but is increasingly viewed by investors as a necessary reset to restore financial stability.
Market watchers say the strong rally suggests investors are beginning to price in improved governance, healthier asset quality, and stronger growth prospects for First Holdco in the medium to long term.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
