First Holdco Bounces Back as Investors Gain N333bn Trading Nigerian Stocks On Tuesday
- The stock market closed higher as renewed bargain-hunting by investors lifted banking and industrial goods stocks
- First Holdco leads the banking index as it bounced back from the previous day's loss
- Industrial and Medical Gases, Union Dicon, Zichis, Austin Laz, and RT Briscoe led the gainers’ table
Legit.ng journalist Dave Ibemere has extensive experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian Exchange ended Tuesday, February 3, trading session on a positive note, supported by renewed bargain-hunting activities by investors.
Market performance was driven mainly by gains in banking and industrial goods stocks, which helped offset losses recorded in other sectors.
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First Holdco PLC especially bounced back from its previous day's loss as the share price rose to N44.35 from N41.05
Overall, the Nigerian stock market advanced by 0.31%, pushing the year-to-date return to 6.61%.
At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose by 516.94 points to 165,901.57 points from 165,384.63 points recorded in the previous session.
Market capitalisation also increased by N333 billion to N106.495 trillion from N106.162 trillion.
Sectoral performance
The banking and industrial goods sectors led the gains, with their respective indices rising by 1.32% and 0.69%.
However, the positive performance was partly tempered by losses in other sectors. The NGX Insurance Index declined by 1.32%, while the consumer goods and energy indices fell by 0.23% and 0.17%, respectively.
Market breadth
Market breadth closed positive, reflecting bullish investor sentiment, as 35 stocks gained while 34 declined during the session.
Legit.ng reports that trading volume declined by 3.46%, with 736.4 million shares valued at N24.7 billion exchanged in 46,026 deals.
While the number of deals fell by 16.88%, the value of trades rose by 34.24% compared with the previous session.
Top gainers
- Industrial and Medical Gases Plc gained 10.00% to close at N34.65.
- Union Dicon Plc rose by 10.00% to close at N9.90.
- Zichis Plc advanced by 10.00% to settle at N5.06.
- Austin Laz Plc climbed 10.00% to end the session at N4.07.
- RT Briscoe Plc appreciated by 9.95% to close at N9.50.
Top decliners
- Omatek Plc fell by 10.00% to close at N2.43.
- Cutix Plc dropped by 10.00% to settle at N3.15.
- Union Homes Plc declined by 9.95% to close at N76.90.
- Sunu Assurances Plc lost 9.94% to end the session at N4.62.
- Deap Capital Management Plc shed 9.93% to close at N7.62.
Source: Getty Images
Top trades by volume
- GTCO led the activity chart by volume, with 65.9 million shares traded valued at N6.5 billion.
- Chams Plc followed with 55.7 million shares worth N249.8 million.
- Custodian Investment Plc recorded 49.8 million shares valued at N2.2 billion.
- Universal Insurance Plc traded 36.1 million shares worth N51.5 million.
- Zenith Bank Plc exchanged 35.4 million shares valued at N2.6 billion.
Bismark Rewane believes naira is undervalued
Earlier, Legit.ng reported that the naira remains undervalued by about 11% based on purchasing power parity (PPP) estimates, according to Bismarck Rewane, managing director of Financial Derivatives Company.
Rewane, while speaking at the 2026 Economic Outlook of the Association of Corporate Treasurers of Nigeria (ACTN) over the weekend, noted that the current fair value of the naira should be around N1,256.79/$ exchange rate.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
