First HoldCo Plc has recorded a 225.8 per cent increase in its share price in 2026, rising from N48.80 on January 2 to N159 on September 28, amid improved earnings and a strong rally on the Nigerian Exchange.
The increase means an investment of N1 million at the beginning of the year would have grown to approximately N3.26 million before transaction costs.
The company’s half-year results showed profit before tax rising by 83.5 per cent to N653.54 billion, while profit after tax increased by 81.6 per cent to N526.13 billion. Gross earnings also grew by 16.7 per cent to N1.93 trillion.
The performance follows a difficult 2025, when profit after tax fell by 79.4 per cent to N139.5 billion due to substantial provisions for impaired loans.
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The broader market rally and the Central Bank of Nigeria’s decision to cut the Monetary Policy Rate to 23 per cent have further supported investor sentiment. However, lower interest rates could also reduce banks’ earnings from government securities.
Despite the strong performance, analysts have raised concerns about the stock’s valuation following its rapid appreciation. Published analyst price targets average around N62 per share, significantly below its current price, although some targets may be revised.
Investors are now watching the company’s third-quarter results and broader economic developments to determine whether the rally can be sustained.
While improved earnings support the recovery outlook, market volatility and valuation concerns remain key risks for shareholders.
