The Nigerian All-Share Index closed higher on 4 February 2026, gaining 2,128.6 points, to finish at 168,030.2 points, with large-cap stocks contributing positively.
Large-cap counters such as First HoldCo and International Breweries ended in the green, alongside gains recorded in several other heavyweight stocks.
This marked the third major bullish session in 2026, following advances of 1.74% on 5 January and 1.59% on 13 January.
Despite lower activity, trading volume declined to 694 million shares from 736 million, while market capitalisation rose to N107.8 trillion across 42,095 deals.
What the data is saying
The ASI’s daily advance lifted its year-to-date return to 7.98%, up from 6.61% in the previous session, as the market decisively crossed the 168,000-point level.
- On the gainers’ chart, Berger Paints, RT Briscoe, DAAR Communications, and FTG Insurance each posted the maximum 10% gain, reflecting broad-based buying interest.
- Conversely, Red Star Express and Deap Capital topped the decliners’ list, both shedding 9.97%, as sell pressure emerged in a few stocks.
CHAMS led trading by volume with 57.4 million shares, followed by Universal Insurance and First HoldCo, while Seplat topped value trades at N2.5 billion, ahead of Aradel and Lafarge.
Top 5 Gainers
- Berger Paints — up 10.00% to N66.00
- DAAR Communications — up 10.00% to N1.87
- RT Briscoe — up 10.00% to N10.45
- FTG Insurance — up 10.00% to N0.22
- First Holdco — up 9.92% to N48.75
Top 5 Losers
- Red Star Express — down 9.97% to N17.15
- Deap Capital — down 9.97% to N6.86
- UHOMREIT — down 9.95% to N69.25
- Mcnichols — down 9.93% to N6.53
- eTranzact — down 9.89% to N16.85
SWOOTs and FUGAZ
Trading in SWOOTs remained broadly bullish, with International Breweries jumping 8.24%. Lafarge added 5.1%, Aradel rose 3.66%, MTNN gained 2.88%, while Dangote Cement advanced 0.92%.
Performance across the FUGAZ banking stocks was largely positive. First HoldCo led gains with a 9.92% rise, followed by Zenith Bank up 0.82%, GTCO up 0.30%, and Access Holdings gaining 0.22%.
On the downside, UBA was the lone laggard among the FUGAZ names, shedding 2.44% during the session.
Why this matters
The ASI’s sharp rebound signals a shift in market momentum after weeks of consolidation, suggesting renewed investor confidence and improving risk appetite.
Strength in SWOOT and FUGAZ stocks such as International Breweries, First HoldCo, Zenith Bank, and MTNN drove the rally.
With the index breaking a key resistance level and eyeing 170,000 points, investors may see near-term opportunities but should remain selective as volatility persists.
Market outlook
This session marks the first major surge in the All-Share Index after a period of largely stagnant price action since 15 January 2025.
With the index now surpassing the 166,000 resistance level, further gains are possible as the market targets the 170,000-point mark.
