The short trading week on the Nigerian Exchange closed on a positive note Wednesday, extending the Santa Claus rally that was driven by Consumer Goods and other companies, ahead of the Christmas holidays on a high traded volume. This reflected position taking and sector rotation in the face of year end seasonality and unaudited earrings expectation in January 2026. Within the period, Vitafoam Nigeria Plc recommended a N3.00 cash dividend per share, in addition to one new share for every five held.
NGXASI Daily Chart
The three-day trading week started in the green on Monday when the benchmark All-Share Index gained 0.26% to close at 152,459.07 basis points. Market breadth was positive with 34 gainers against 19 losers, while investors’ wealth rose by ₦256.08bn, lifting market capitalisation to ₦97.19trn. Trading activity was subdued, as volume dropped sharply to 451.52 million shares worth ₦13.03bn, with Tantalizers leading in volume, and Aradel recording the highest value traded.
The bullish tone strengthened on Tuesday as the index climbed 0.59% up to 153,354.13 points on renewed buying interest. Market capitalisation expanded by ₦578.90bn to ₦97.77trn, pushing the year-to-date return to 48.99%. Trading activity improved, as investors exchanged 677.43 million shares valued at ₦20.78bn. VFD Group topped volume traded, while GTCO led in value turnover.
At midweek, which was Christmas eve, the market closed marginally higher after the index advanced 0.12% to 153,539.83 points. The positive market breadth was sustained with 35 advancers against 22 decliners, adding ₦228.37bn to investors’ wealth and taking market capitalisation to ₦97.89trn. Trading volume surged to 1.75 billion shares worth ₦30.05bn, driven largely by heavy transactions in Abbey Mortgage Bank.
Overall, market activity declined significantly week-on-week, with total turnover of 2.88 billion shares valued at ₦63.83bn in 80,229 deals, compared to 9.85 billion shares worth ₦305.84bn in the previous week. The Financial Services sector dominated trading, accounting for about 69% of total volume and 51% of value, followed by the Investment and Conglomerates sectors. Trades in Abbey Mortgage Bank, VFD Group and Custodian Investment jointly accounted for over half of total market volume.
NGXASI Weekly Chart
Despite the short trading week, performance remained upbeat as the All-Share Index gained 0.97% to close at 153,539.83 points, while market capitalisation rose 0.98% to ₦97.89trn. Most sector indices ended higher, though the Premium, Insurance, MERI Growth and Lotus II indices closed lower, while the Oil and Gas and Sovereign Bond indices finished flat.
Week-to-date, the NGX 30 is up by 0.96%, the Banking Index has increased by 2.93%, the Pension Index increased by 1.02%, the Insurance Index declined by 2.13%, the Consumer Goods Index increase by 3.34%. However, the Oil and Gas Index recorded a positive return of 0.01%. Year-to-date, the All-Share Index has gained 49.17%, NGX 30 is up by 46.87%, the Banking Index has increased by 38.90%, the Pension Index index increased by 56.36%, the Insurance Index inclined by 59.61%, the Consumer Goods Index increase by 122.41%. However, the Oil and Gas Index recorded a negative return of 1.33%. In terms of market breadth, 44 stocks advanced, while 30 declined.
Aluminium Extrusion Plc
On the gainers’ table, Aluminium Extrusion Industries Plc, a leading Nigerian manufacturer of aluminium products, topped the chart, rising from ₦12.35 to ₦16.35, a gain of ₦4.00 or 32.39%. Austin Laz & Company Plc followed closely, appreciating from ₦2.42 to ₦3.20, up by ₦0.78 or 32.23%. International Breweries Plc advanced from ₦12.00 to ₦14.50, gaining ₦2.50 or 20.83%, while Mecure Industries Plc climbed from ₦55.00 to ₦65.20, an increase of ₦10.20 or 18.55%. First HoldCo Plc also posted a strong performance, rising from ₦44.95 to ₦53.00, up by ₦8.05 or 17.91%.
Legend Internet Plc
Conversely, Legend Internet Plc, a Nigerian telecommunications and digital services company led the losers, shedding ₦0.65 to close at ₦4.90 from ₦5.55, a decline of 11.71%. Champion Breweries Plc dropped from ₦16.95 to ₦15.00, losing ₦1.95 or 11.50%. NEM Insurance Plc fell by ₦2.20 from ₦26.30 to ₦24.10, representing a decline of 8.37%, while AXA Mansard Insurance Plc eased from ₦14.00 to ₦13.00, down by ₦1.00 or 7.14%. Associated Bus Company Plc closed lower at ₦3.27 from ₦3.50, losing ₦0.23 or 6.57%.
Technical Analysis & Outlook
Technically, the ASI remains in a short-term uptrend, supported by consecutive weekly gains and strong buying interests in mid- and small-cap stocks. Key support levels are identified at 152,000 and 151,200 points, while resistance is seen at 154,000 and 155,000 points. The Relative Strength Index (RSI) suggests mild overbought conditions in select blue-chip names, indicating potential consolidation before further upside.
Looking ahead, market activity is expected to resume normal levels following the holiday lull, with investor focus likely on corporate earnings, dividend declarations, and macroeconomic indicators, including oil prices and FX stability. The Financial Services sector is poised to continue leading trades, while selective plays in consumer and industrial stocks may attract short-term interest.
Trending in the Economy: Nigeria’s proposed 2026 budget stands at ₦58.18 trillion, with a projected deficit of about 4.3% of GDP, estimated at roughly ₦23.85 trillion. Major spending items include ₦15.52 trillion for debt service and ₦26.08 trillion for capital investment, focused on security, infrastructure, education, and healthcare. The framework is built on an oil price benchmark of $64.85 per barrel and an exchange rate assumption of ₦1,400 to the dollar. Inflation has eased to 14.45%, foreign reserves have climbed to $47 billion, and economic growth is projected to exceed 4.6%.
Separately, Nigeria and the United States have entered a five-year health partnership valued at $5.1 billion. The agreement targets malaria, HIV/AIDS, tuberculosis, and maternal and child health, while also providing $200 million to support over 900 faith-based health facilities. It complements Nigeria’s ongoing health reforms aimed at expanding access, strengthening health systems, and improving outcomes, and marks the largest co-investment so far under the America First Global Health Strategy.
Global Market and Oil: Wall Street closed Friday’s post-Christmas session largely unchanged as thin trading and a lack of fresh catalysts kept investors cautious. All three major U.S. stock indexes finished marginally lower, ending a five-day winning streak, but still recorded solid gains for the week, reflecting a pause rather than a reversal after a strong rally.
The Dow Jones Industrial Average slipped 20.19 points, or 0.04%, to close at 48,710.97. The S&P 500 eased by 2.11 points, or 0.03%, to 6,929.94, while the Nasdaq Composite lost 20.21 points, or 0.09%, to end at 23,593.10. Market activity remained subdued as many participants stayed on the sidelines ahead of year-end, with attention turning to the early phase of the traditional Santa Claus rally, a period that often supports equities into early January.
Despite a year marked by tariff concerns, ongoing geopolitical risks and sharp swings driven by artificial-intelligence enthusiasm, U.S. equities remain on course for double-digit gains in 2025, led by the tech-heavy Nasdaq. Investors generally viewed Friday’s mild pullback as a natural breather following recent strength rather than a change in trend.
At the stock level, Nvidia rose about 1% after the chipmaker announced an agreement to license AI-related technology from startup Groq and bring in its chief executive, reinforcing confidence in continued demand for advanced computing solutions. Target advanced roughly 3.1% following reports of activist interest from hedge fund Toms Capital Investment Management, which has reportedly taken a significant stake in the retailer. Shares of U.S.-listed precious-metal miners such as First Majestic, Coeur Mining and Endeavour Silver gained between roughly 1% and 3%, tracking fresh record highs in gold and silver prices. Other large-cap names traded mixed, with gains in some technology and consumer names offset by mild weakness in recent high fliers.
Sector performance was uneven, with materials recording the strongest gains on the day, while consumer discretionary stocks lagged. On a year-to-date basis, communication services, technology and industrials remain the top-performing sectors in the S&P 500, while real estate is on track to finish the year as the only sector in negative territory.
Market breadth painted a mixed picture. On the New York Stock Exchange, advancing issues slightly outnumbered decliners, with 342 stocks hitting new highs against 66 new lows. On the Nasdaq, decliners outpaced advancers, and trading volume across U.S. exchanges stood at about 10.22 billion shares, well below the recent 20-day average of nearly 16 billion, underscoring the holiday-thinned conditions.
In commodities, oil prices ended sharply lower as investors focused on the risk of a global supply glut, even as geopolitical developments remained in view. Brent crude futures settled down $1.60, or 2.57%, at $60.64 per barrel, while U.S. West Texas Intermediate crude fell $1.61, or 2.76%, to $56.74. Although supply disruptions have helped prices rebound from near five-year lows earlier this month, both benchmarks are still on track for their steepest annual declines since 2020, pressured by rising output and oversupply concerns heading into the new year.
Overall, with just a few trading days left in the year, markets appear to be consolidating recent gains. While seasonal patterns offer some support into early January, investors remain mindful that volatility is likely to persist in 2026 as markets continue to navigate policy uncertainty, geopolitical risks and the evolving impact of artificial intelligence on corporate earnings.
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