Finance
First Holdco Block Trade Lifts NGX ASI Above 128,000, Investors Gain ₦1.44 Trillion
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) crossed the 128000 level on Wednesday following a major block trade in First Holdco Plc, which triggered a broad market rally and added ₦1.44 trillion to investor wealth in one session.
The ASI closed at 128,967.08 points, up 1.80 percent from the previous session’s 126,689.54 points, while the market capitalisation also rose from ₦80.14 trillion to ₦81.58 trillion.
The bulk of the market momentum was attributed to off-market transactions involving First Holdco, where 10.43 billion shares were exchanged in 17 negotiated deals. The transactions, valued at ₦323.33 billion, were executed outside the open market but contributed substantially to total turnover and investor sentiment.
Trading data showed that a total of 11.67 billion shares were exchanged in 36,635 deals with a combined market value of ₦363.41 billion. First Holdco, UBA, Access Holdings, Universal Insurance, and Zenith Bank were among the most actively traded stocks.
First Holdco led market activity following reports of a major shareholder exit through block trades, driving heightened interest in the counter and supporting broader market movement.
The renewed demand for First Holdco shares also contributed to the stock’s role in pushing the market to new highs.
Nestle Nigeria Plc was the top gainer during the session, advancing by 10 percent from ₦1,500 to ₦1,650 per share. Eunisell, Secure Electronic Technology, Omatek Ventures, and Tripple Gee also posted notable gains, each rising nearly 10 percent.
Analysts at Futureview maintained a cautiously optimistic outlook, citing improved investor sentiment and the absence of negative macroeconomic news.
“We maintain a cautiously optimistic outlook for the equities market this week, with expectations of sustained positive momentum in the absence of any significant negative macroeconomic or market shocks,” the firm stated in a market note.
The latest rally reflects sustained institutional and retail participation in Nigerian equities and signals investor confidence in the market’s current valuation levels.
Market participants are expected to monitor the continued impact of the First Holdco transaction and upcoming corporate earnings for further direction.