First HoldCo, International Breweries Lead Gains as ASI Surges Past 168,000
The Nigerian equities market continued its impressive run on Wednesday, 4 February 2026, as the Nigerian Exchange Limited (NGX) All‑Share Index (ASI) surged past 168,000 points, closing at 168,030.2, up 2,128.6 points (1.28%) from the prior session. This marks a third significant bullish session in 2026 reaffirming growing investor confidence in key blue‑chip stocks and broader market dynamics.
Market Highlights: A Strong Close and Rising Capitalisation
Market capitalisation climbed to ₦107.8 trillion, signalling renewed appetite among domestic and foreign investors for Nigerian equities.
Year‑to‑date (YTD) returns on the ASI improved to 7.98%, compared with 6.61% recorded at the previous session.
Gains were broad‑based, with 53 advance stocks outnumbering 26 decliners, reflecting strengthening market breadth.
Stocks Driving the Rally
Large‑cap and heavyweight stocks led the charge:
Top Gainers
- Berger Paints Nigeria — +10.00%
- DAAR Communications — +10.00%
- RT Briscoe — +10.00%
- FTG Insurance — +10.00%
- First HoldCo — +9.92%
First HoldCo stood out among FUGAZ banking stocks, leading gains alongside others such as Zenith Bank (+0.82%), GTCO (+0.30%), and Access Holdings (+0.22%). Only UBA (-2.44%) closed lower in the sector.
International Breweries: A Key Market Contributor
International Breweries plc also contributed to the bullish momentum, rising by 8.24% in SWOOTs trading — a category reserved for Super‑weight (₦1tr+ market cap) and other large stocks.
The positive reaction reflects a broader turnaround in the company’s fundamentals. In its recently published 2025 financial results, International Breweries reported a profit before tax of ₦85.1 billion, reversing heavy losses from the previous year driven by a combination of strong sales growth and reduced foreign exchange drag.
This earnings rebound likely boosted market sentiment around the stock, even after years of volatility tied to currency fluctuations and debt restructuring challenges.
Volume & Activity: What Traders Are Watching
While prices climbed, trading volume dipped slightly, with 694 million shares exchanged across 42,095 deals, compared with 736 million in the previous session.
Activity was led by:
- Chams Holding Company — 57.4 million shares
- Universal Insurance — 56.2 million shares
- First HoldCo — 35.3 million shares
- Seplat Energy topped the value traded chart worth ₦2.5 billion, ahead of Aradel and Lafarge Africa.
Why This Matters: Market Sentiment and Outlook
The sustained rally and breach of the 168,000 resistance level signal renewed investor confidence after a brief consolidation period in early 2026. Analysts now eye the 170,000‑point mark as the next key milestone — a level that would reinforce the recovery theme across sectors.
Market strategists suggest that while upside remains, selectivity is crucial with stock valuations diverging significantly across sectors and individual equities. Investors are watching earnings releases, macroeconomic indicators, and FX dynamics closely for signs of sustained momentum or emerging volatility.
Heavyweights like First HoldCo and International Breweries played pivotal roles in pushing the ASI above 168,000 highlighting a potentially bullish phase ahead for the NGX as 2026 unfolds.
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