Market Update For December 24, 2025
The Nigerian equities market closed the Christmas Eve session on a positive note, extending its bullish bias despite the shortened trading hours. Trading activities reflected cautious optimism as investors continued to realign portfolios ahead of the year-end, while selectively accumulating stocks with solid fundamentals and improving price momentum. Although the overall gain was modest, sentiment remained constructive, supported by sustained interest in large-cap banking stocks, consumer goods, and select hospitality names.
Early trading opened on a mixed note as intermittent profit-taking capped upside in some stocks. However, bargain hunting gradually dominated, particularly in stocks that had either pulled back recently or continued to show strong relative strength. Notable buying interest was recorded in GUINNESS, TRANSCOHOT, and IKEJAHOTEL, highlighting confidence in consumer-facing and hospitality businesses. The banking sector also attracted renewed inflows, with UBA leading gains among tier-one lenders, while FIRSTHOLDCO, ZENITHBANK, and GTCO also closed higher. These moves reflected investors’ preference for fundamentally strong names with earnings resilience and attractive dividend yields.
Market participation improved significantly despite the early 12:30pm close, as investors took advantage of thinner liquidity to execute sizeable trades. ABBEYBDS dominated activity, accounting for a substantial share of total traded volume and value, and shaping overall turnover for the session. The heavy trades in ABBEYBDS suggest continued portfolio rebalancing and strategic positioning ahead of the new trading year. Other actively traded stocks included STERLINGNG and CUSTODIAN, reinforcing the renewed interest in financial services counters.
Sectoral performance was largely positive. The banking index led the gainers’ table, supported by broad-based buying across major lenders. Consumer goods also posted strong gains, driven by interest in brewers and food-related stocks. The industrial goods sector recorded marginal gains, aided by stability in cement names, while the oil and gas sector ended slightly higher, tracking improved sentiment in the global crude oil market. In contrast, the insurance sector underperformed, weighed down by selloffs in MANSARD, NEM, and AIICO, as investors rotated into stronger-performing sectors.
Global oil prices provided a supportive backdrop for energy stocks, as crude extended gains for a sixth consecutive session. Brent crude edged up to about $62.54 per barrel, while U.S. West Texas Intermediate traded around $58.61 per barrel, supported by robust U.S. economic growth data and lingering supply risks linked to Venezuela and Russia. Although oil prices remain on course for their steepest annual decline since 2020, the recent rebound has helped stabilise sentiment across energy-related equities.
Technical Analysis and Outlook:
Technically, the All-Share Index continues to trade above its short- and medium-term moving averages, reinforcing the medium-term bullish structure. However, momentum indicators point to moderation in buying pressure, suggesting a consolidation phase around current levels. The index is testing resistance around the 154,000 psychological mark, while immediate support lies near 152,500 points. In the near term, we expect range-bound trading with selective upside in stocks supported by strong fundamentals, positive earnings outlooks, and improving technicals. Developments in global oil prices and domestic liquidity conditions will remain key drivers of sentiment.
Market Summary:
The All-Share Index (ASI) advanced by 0.12% to close at 153,539.83 points, adding 185.70 points on the day. Market capitalisation increased by ₦228.37bn to ₦97.89trn, lifting the year-to-date return to 49.17%. Market breadth closed positive with 35 gainers against 22 losers. Top gainers included GUINNESS (+9.98%), TRANSCOHOT (+9.83%), IKEJAHOTEL (+8.36%), and UBA (+6.60%), while LEGENDINT led the losers’ chart. Total traded volume rose to 1.75bn shares valued at ₦30.05bn across 19,372 deals, with ABBEYBDS emerging as the most traded stock by both volume and value.
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