Market Update For December 31, 2025
The Nigerian equities market ended the final trading session of 2025 on a bullish note, sustaining its year-end rally as investors returned to fundamentally strong names across the banking, insurance and select consumer goods sectors. After two consecutive sessions of decline, renewed bargain hunting—particularly in beaten-down banking stocks—helped restore confidence and pushed the market higher into the close, underscoring the resilience of domestic equities despite mixed global cues.
Buying interest was broad-based but most pronounced in financial stocks, where investors repositioned ahead of the new year in anticipation of improved earnings visibility and attractive valuations. Stocks such as FIRSTHOLDCO, FCMB, STANBIC and UBA attracted renewed inflows, driving a notable rebound in the banking index. The positive sentiment spilled over into other sectors, with selective accumulation seen in NGXGROUP, BERGER, FIDSON, CUSTODIAN, HONYFLOUR, TRANSCORP, BUAFOODS, MTNN and OANDO, while momentum-driven trades in ALEX further supported the day’s gains.
Sectoral performance reflected a rotation into defensives and high-beta financial names. The banking sector outperformed, reversing recent losses and closing firmly in positive territory, while the insurance index also posted strong gains on sustained demand for LINKASSURE, CORNERST and VERITASKAP. Consumer goods stocks edged higher, supported by buying interest in HONYFLOUR and BUAFOODS, as investors positioned in companies with relatively strong pricing power. In contrast, industrial goods and oil & gas stocks closed slightly lower, weighed down by profit-taking and lingering concerns around input costs and global energy price volatility.
From a technical standpoint, the market’s rebound reinforces the prevailing bullish structure seen over the past several months. The All-Share Index continues to trade above key short- and medium-term support levels, suggesting that the broader uptrend remains intact. However, with year-to-date returns exceeding 50% and prices approaching overbought territory on some momentum indicators, the market may experience brief consolidation or selective profit-taking in the near term. Nonetheless, any pullback is expected to be supported by liquidity inflows and continued portfolio rebalancing, particularly into fundamentally sound and dividend-paying stocks.
Market participation was more selective at the close, as some investors opted to lock in profits after the strong year-long rally. Traded volume and value moderated compared to the previous session, pointing to cautious positioning rather than a broad-based exit. Still, large-ticket transactions persisted in a few names, highlighting sustained institutional interest as the market transitions into 2026.
On the global front, oil prices edged slightly higher during the session but remained on course to end 2025 with steep annual losses. The energy market has been pressured by expectations of oversupply, increased OPEC+ output, resilient U.S. shale production and lingering geopolitical tensions. Brent crude is set to record its sharpest yearly decline since 2020, while WTI also faces a significant annual drop. Looking ahead, analysts expect oil prices to remain soft in the near term before stabilising later in 2026 as supply growth moderates and demand remains largely flat—an outlook that could continue to influence sentiment in local oil and gas stocks.
Market Snapshot
At the close of trading on Wednesday, December 31, 2025, the All-Share Index rose by 0.37% to 155,613.03 points from 155,034.72 points, bringing the year-to-date return to 51.19%, while market capitalisation increased by N532.94bn to N99.38trn. Market breadth was positive with 46 gainers against 15 losers. Total traded volume declined to about 1.2bn units valued at approximately N35bn, with CHAMS leading volume at 710m units, while ARADEL topped the value chart with trades worth N9.5bn. Leading the gainers’ chart, ALEX surged 9.90% to close at N21.65, followed by FCMB which gained 9.05% to N12.05, FIRSTHOLDCO advanced 7.88%, NGXGROUP rose 7.53%, and BERGER appreciated by 6.67%. On the losers’ side, NEIMETH led the decliners, alongside mild losses in select industrial and oil & gas stocks, as profit-taking persisted in pockets of the market despite the strong year-end finish.
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