FIRSTHOLDCO Leads Market Rally as ASI Breaks 121,000 Barrier

The Nigerian equities market kicked off the week in positive territory as the All-Share Index (ASI) climbed above the 121,000-point mark for the first time, driven by broad-based gains and notable performances in mid- and large-cap stocks.

The ASI added 305.67 points, or 0.25%, to close at 121,295.33 on Monday, up from Friday’s finish of 120,989.66. Market capitalization edged higher to ₦76.5 trillion from ₦76.3 trillion, even as total traded volume dipped to 824.1 million shares from 923 million in the previous session.

FIRSTHOLDCO led the day’s rally with a 9.8% surge, shrugging off muted sector activity to post one of the market’s largest single-stock gains. Four other stocks—TRIPPLEG, ELLAHLAKES, UPDCREIT and CADBURY—each hit the daily maximum gain limit of 10%, underscoring strong buying interest in select counters.

On the downside, SUNUASSUR tumbled 10.0% to close at ₦4.50, while RT BRISCOE fell 9.59% to ₦3.30, topping the list of losers. Prestige, UPDC and Berger also featured among the day’s biggest decliners, shedding between 7.58% and 9.09%.

Activity metrics showed UNIVINSURE as the most traded stock by volume, with 71.9 million shares changing hands, followed by FCMB at 61.3 million. JAPAULGOLD, ACCESSCORP and AIICO rounded out the top five, each trading in excess of 40 million units.

In value terms, Nigerian Breweries led with transactions valued at ₦2.3 billion, trailed by Zenith Bank (₦1.4 billion), Nestlé (₦1.2 billion), GTCO (₦1.02 billion) and AccessCorp (₦942.8 million).

Market analysts attributed the uptick to renewed investor confidence and portfolio rebalancing ahead of mid-year economic data releases. “Crossing the 121,000 hurdle signals sustained optimism, especially in consumer and real estate plays,” said one equity strategist.

With the index now up 17.85% year-to-date, traders will be watching for follow-through buying in the coming sessions as domestic sentiment remains buoyant.