Amaechi Raphael Chinedu

@Official_ARC·3h

First HoldCo's profit jumped 65%. Its stock fell the 10% limit. Here's why

Where we start: on Wednesday the All-Share Index fell 0.44% to 252,882.78, taking ₦718.95bn off the market a day after Tuesday's record. 26 stocks rose and 30 fell, and the Banking Index dropped 2.36%. The puzzle this morning is First HoldCo. Its nine-month profit after tax rose 65.1% to ₦744.45bn, yet the stock fell the maximum 10% to ₦139.50. Why would good numbers meet selling? • Net interest income, the core lending business, fell 16% to ₦1.26trn • Much of the profit growth came from fees, recoveries, trading gains and lower impairment charges • ₦228.81bn of other comprehensive losses cut total comprehensive income to ₦515.64bn The lesson: the headline profit isn't the whole story. Investors look at where the profit came from and whether it can repeat. Three things worth watching today: 1. Does First HoldCo find a floor, or keep sliding? A second limit-down day would show the market is still repricing it. 2. $SEPLAT reacts to its results. Nine-month profit after tax rose 142.5% to ₦355.55bn, helped by higher oil prices and production. It declared a Q3 dividend of 19 US cents (5 cents core plus a 14-cent special). Qualification date is Nov 12, and payment is due Nov 27. 3. Can $UBA jumped 6.83% to ₦43 on 38.48m shares, the day's most traded stock, while most banks fell. Want to see how today's moves hit your own holdings? Add your portfolio on Gopexly and follow along. Not financial advice, just what's on the radar.