First HoldCo Plc’s selloff deepened on the Nigerian Exchange (NGX) on Wednesday as the company’s share price fell to N112.70, extending its decline to 27.3% since October 27.
The stock closed at N112.70 on November 4, down 4.65% from N118.20 in the previous session and N42.30 below the N155 recorded on October 27.
The latest decline extends the selloff previously reported by Investors King after First HoldCo shed 23% in three trading sessions amid unusually heavy turnover in the company’s shares.
First HoldCo has now declined from N155 on October 27 to N139.50 on October 28 and N125.55 on October 29 before falling further to N119.15 on October 30.
The stock slipped to N118.20 on November 2 and remained unchanged at N118.20 on November 3 before selling pressure returned on Wednesday and pushed it down to N112.70.
The sustained decline means more than a quarter of the stock’s value has been erased over the seven trading sessions under review.
The steepest phase of the selloff occurred between October 27 and October 30 when First HoldCo dropped from N155 to N119.15, representing a 23.1% decline in three sessions.
As Investors King previously reported, trading activity surged during the October 30 session with 414.35 million First HoldCo shares worth N49.58 billion changing hands as the stock extended its decline.
The stock briefly stabilised around N118.20 at the beginning of November, but Wednesday’s 4.65% decline showed that the downward pressure had not ended.
First HoldCo has now lost N42.30 per share from its October 27 level, leaving the stock at N112.70.
At its latest closing price, the stock would need to gain about 37.5% to return to the N155 level recorded on October 27.
