Equities Market Wraps Up Year With N954bn Gain
Nigerian equities closed the Christmas-shortened trading week on a positive note as improved investor sentiment lifted the market by N954bn, despite reduced trading sessions. The NGX All-Share Index and market capitalisation both appreciated, supported by gains in key large- and mid-cap stocks, while trading activity moderated week-on-week due to the holidays.
Trading on the Nigerian Exchange Limited (NGX) was restricted to three sessions during the week following the Federal Government’s declaration of Thursday, 25 December, and Friday, 26 December 2025, as public holidays to mark the Christmas celebration. Despite the shortened week, market sentiment remained largely bullish, reflecting sustained investor confidence ahead of the year-end.
At the close of trading on Wednesday, 24 December, the All-Share Index rose by 0.97 per cent to settle at 153,539.83 points, while market capitalisation appreciated by 0.98 per cent to N97.890tn from the previous week’s close. The gains were supported by price appreciation across several sectors of the market, outweighing losses recorded in a few indices.
Market activity, however, moderated compared with the previous week, largely due to the reduced number of trading days. A total of 2.876bn shares valued at N63.832bn were traded in 80,229 deals during the week, compared with 9.849bn shares worth N305.843bn exchanged in 126,584 deals in the preceding week.
The financial services industry dominated trading activity by volume, accounting for 1.984bn shares valued at N32.680bn traded in 31,632 deals. This represented 68.99 per cent of the total equity turnover volume and 51.20 per cent of the total value. The Investment Services industry followed with 208.695m shares worth N2.264bn in 640 deals, while the Conglomerates industry ranked third with 147.002m shares valued at N6.085bn in 1,676 deals.
Trading in three equities, Abbey Mortgage Bank Plc, VFD Group Plc and Custodian Investment Plc, led market activity during the week. The trio accounted for a combined turnover of 1.471bn shares valued at N14.684bn in 1,093 deals, contributing 51.15 per cent of the total market volume and 23.00 per cent of the total value traded.
A breakdown of daily trading showed that on Monday, 22 December, investors exchanged 451.485m shares valued at N13.003bn in 33,290 deals. On Tuesday, 23 December, turnover improved to 677.432m shares worth N20.784bn in 27,576 deals. Trading activity peaked on Wednesday, 24 December, with 1.747bn shares valued at N30.045bn traded in 19,363 deals, reflecting increased positioning ahead of the holiday break.
Market breadth was positive, though slightly weaker than the previous week. Forty-four equities appreciated in price, compared with 55 in the preceding week. Thirty equities recorded price declines, down from 36 previously, while 73 equities closed unchanged, higher than the 55 recorded in the prior week.
Sectoral performance was largely positive. All major indices closed higher with the exception of the Premium Index, Insurance Index, MERI Growth Index and Lotus II Index, which declined by 0.51 per cent, 2.13 per cent, 0.23 per cent and 0.62 per cent, respectively. The Oil and Gas Index and the Sovereign Bond Index closed flat for the week.
On the gainers’ chart, Aluminium Extrusion Industries Plc led with a 32.39 per cent increase, closing at N16.35. Austin Laz & Company Plc followed with a 32.23 per cent gain to N3.20, while International Breweries Plc advanced by 20.83 per cent to N14.50. Mecure Industries Plc rose by 18.55 per cent, First HoldCo Plc gained 17.91 per cent, and FTN Cocoa Processors Plc appreciated by 15.38 per cent. Other notable gainers included International Energy Insurance Plc, Ikeja Hotel Plc, Guinness Nigeria Plc and Eunisell Interlinked Plc.
Conversely, Legend Internet Plc topped the decliners’ list, shedding 11.71 per cent to close at N4.90. Champion Breweries Plc followed with an 11.50 per cent loss, while NEM Insurance Plc declined by 8.37 per cent. AXA Mansard Insurance Plc, Associated Bus Company Plc, Ellah Lakes Plc, Prestige Assurance Plc, MTN Nigeria Communications Plc, Daar Communications Plc and Regency Assurance Plc also closed the week lower.
Activity in the Exchange Traded Products segment was subdued during the week. A total of 586,286 units valued at N58.597m were traded in 661 deals, compared with 130.300m units worth N3.079bn transacted in 1,012 deals in the previous week. Stanbic ETF 30 dominated the segment by value, while Vetiva exchange-traded funds recorded notable volumes.
Trading in Federal Government bonds also declined week-on-week. Investors traded 32,952 units valued at N34.276m in 21 deals, compared with 108,736 units worth N110.569m in 43 deals in the preceding week. The most actively traded bond by value was the FGSUK2033S6.
In the corporate actions space, Nigerian Exchange Limited announced the listing of an additional 2.348bn ordinary shares of 50 kobo each of Chams Holding Company Plc on Tuesday, 23 December 2025. The additional shares arose from the company’s rights issue at N1.70 per share on the basis of one new share for every two ordinary shares held as of 16 June 2025. Following the listing, the company’s total issued and fully paid-up shares increased to 9.000bn.
Similarly, NGX notified trading licence holders of the activation of the code for trading in Fidson Healthcare Plc’s rights issue. The rights, which opened on 19 December 2025, involve the offer of 600m ordinary shares of 50 kobo each at N35.00 per share on the basis of one new share for every four existing shares held and will close on 30 January 2026.
Overall, the positive close to the Christmas week underscores continued investor interest in Nigerian equities, even amid reduced trading sessions, as market participants position for the final stretch of the year and expectations around corporate earnings and policy direction in the new year.