The Nigerian All-Share Index (ASI) ended the trading day of 3rd February 2026 in the green, up 517.0 points to close at 165,901.6 points.
This represents a 0.31% increase compared to 165,383.6 points, at which the index began the trading session.
Much of the day’s rally came from the banking sector, which was up 1.32%, with First Holdco, which declined in the previous session, staging an 8.04% recovery.
The daily activity of the market stood firm, with over 736 million shares changing hands, with banking stocks—particularly FUGAZ group members dominating the daily trading value.
What the data is saying
The ASI’s daily gain lifted its year-to-date performance to 6.61% as the market eyes a return to the 166,000 level.
On the gainers’ chart, Industrial and Medical Gases (IMG), Union Dicon Salt, Zichis, and Austinlaz recorded strong performances, each advancing 10%.
On the flip side, Cutix and Omatek led the decliners, shedding 10% apiece.
GTCO dominated trading activity by volume, with 65.8 million shares exchanged, followed by CHAMS (55.7 million) and Custodian (49.8 million).
Universal Insurance and Zenith Bank rounded out the top five by volume, recording trades of 36 million and 35.4 million shares, respectively.
In terms of value, the market’s equity capitalization stood at N106.4 trillion. GTCO led transactions worth N6.5 billion, followed by Zenith Bank (N2.5 billion), Custodian (N2.1 billion), First Holdco (N1.1 billion), and Aradel (N965.3 million).
Top 5 Gainers
- IMG — up 10.00% to N34.65
- UNIONDICON — up 10.00% to N9.90
- ZICHIS — up 10.00% to N5.06
- AUSTINLAZ — up 10.00% to N4.07
- RTBRISCOE — up 9.95% to N9.50
Top 5 Losers
- CUTIX — down 10.00% to N3.15
- OMATEK — down 10.00% to N2.43
- UHOMREIT — down 9.95% to N76.90
- SUNUASSUR — down 9.94% to N4.62
- DEAPCAP — down 9.93% to N7.62
SWOOTs and FUGAZ
Among SWOOTs (stocks worth over N1 trillion), performance was mixed, with Dangote Cement up 1.42%.
- On the flip side, International Breweries slipped 2.45%.
Among the FUGAZ stocks, First Holdco gained 8.04%, Zenith Bank was up 2.38%, GTCO gained 0.71%, and Access Holdings rose 0.89%.
- On the flip side, UBA slipped 2.93%.
Why this matters
The ASI’s daily gain of 0.31% shows selling pressure is easing, but the market’s recovery remains fragile.
- Gains were concentrated in FUGAZ and SWOOT counters like FirstHoldco, Zenith Bank, GTCO, and Dangote Cement, while stocks such as UBA and International Breweries slipped, keeping trading activity moderate.
Investors need to be selective and time their moves carefully in the near term.
Market outlook
- The market’s daily performance of 0.31% reflects a short-term bullish action, which could see it return above 166,000 in the coming sessions.
- Further positive momentum in large-cap stocks across the banking and other sectors may support the index in reaching the 166,000 level in the short term.
