Market Update For December 19, 2025
The Nigerian equity market closed Friday firmly in positive territory, extending its rally to a seventh consecutive session as sustained demand for large- and mid-cap stocks continued to underpin sentiment. The market’s resilience reflected growing investor confidence, supported by bargain hunting, portfolio rebalancing ahead of the new trading week, and expectations of sustained earnings momentum in select sectors.
Buying interest was particularly evident in stocks such as NGXGROUP, NEM, BUAFOODS, FIRSTHOLDCO, BUACEMENT, NAHCO, PZ, NB, IKEJAHOTEL and CUSTODIAN, alongside several mid- and small-cap names. This broad participation helped cushion pockets of profit-taking and ensured the market closed decisively higher, despite intermittent intraday volatility.
Sectoral performance was largely positive, with the consumer goods sector emerging as the standout performer for the session. Strong accumulation in bellwether and fast-moving consumer names reflected renewed investor appetite for stocks with relatively defensive earnings profiles and pricing power. Industrial goods stocks also posted solid gains, supported by renewed interest in cement and construction-related counters. Banking stocks closed marginally positive after trimming earlier gains, as investors selectively booked profits in recent outperformers. The insurance sector rebounded into positive territory, while the oil and gas sector ended slightly weaker, mirroring softness in global crude prices.
Market activity painted a mixed picture. Traded volumes were boosted by sizeable negotiated and off-market transactions, particularly in healthcare and consumer-related stocks, while on-market turnover eased compared with the previous session. FIRSTHOLDCO dominated the value chart, reflecting sustained institutional interest, while STERLINGNG led volume trades, underscoring continued retail participation. Overall, activity levels remained healthy and supportive of the prevailing bullish trend.
Technical Analysis and Market Outlook
From a technical standpoint, the market structure remains firmly bullish. The All-Share Index continues to trade comfortably above its key short- and medium-term moving averages, confirming the strength of the current uptrend. Momentum indicators remain positive, suggesting that bulls still dominate near-term price action. However, with the market having recorded several consecutive sessions of gains, the likelihood of intermittent pullbacks cannot be ruled out as investors lock in profits.
That said, any near-term correction is expected to be modest and largely technical in nature, especially given the strong breadth and continued rotation across sectors. The 150,000-point psychological level now serves as a key support zone, and sustained trading above this level keeps the medium-term outlook constructive. In the absence of negative macro surprises, sentiment is expected to remain positive, with selective stock picking likely to drive performance in the coming sessions.
Oil Market Update
In the commodities space, oil prices edged higher on Friday but remained on course for a second consecutive weekly decline. Brent crude traded slightly above $60 per barrel, while U.S. West Texas Intermediate hovered around $56 per barrel. The market remained pressured by expectations of a potential global supply glut, driven by increased output from major producers and easing geopolitical risk premiums. The softer oil price environment weighed marginally on local energy stocks, contributing to the underperformance of the oil and gas sector.
Market Summary
At the close of trading, the All-Share Index (ASI) rose by 1.13% to 152,057.38 points, adding 1,694.33 points to its previous close. Market capitalisation increased by approximately ₦1.08 trillion to ₦96.94 trillion, reflecting the strong session performance. Market breadth was positive with 34 gainers against 24 losers. Top gainers included UNIONDICON, BUAFOODS (+6.02%), CHAMPION (+9.71%), TANTALIZER (+9.80%), PZ (+3.75%) and NB (+3.65%), while SOVRENINS led the losers’ table. Traded value moderated relative to the prior session, but overall participation remained robust, reinforcing the market’s positive near-term outlook.
