First Holdco Bounces Back with N333bn Gain in Nigerian Stock Market

First Holdco witnessed a resurgence as Nigerian stocks surged by N333 billion on Tuesday, February 3. Journalist Dave Ibemer highlighted the positive market sentiment, with investors engaging in renewed bargain hunting activities.

The market performance was mainly driven by gains in the banking and industrial sectors, which helped offset losses recorded in other sectors. The Nigerian stock market saw an overall increase, with share prices rising to N44.35 from N41.05.

The Nigerian Stock Exchange (NGX) All-Share Index (ASI) rose by 0.31%, pushing the year-to-date return to 6.61%. Market capitalization also increased to N106.495 trillion.

Despite some sectors experiencing losses, the market breadth remained positive, reflecting bullish investor sentiment. Trade volume declined, but the value of trades rose.

Bismarck Rewane, Managing Director of Financial Derivatives Company, noted the current fair value of the Naira to be around N1,256.79 based on purchasing power parity (PPP) estimates.