Market Update For December 23, 2025
The Nigerian equity market maintained its bullish momentum on Tuesday, closing higher for the eighth straight trading session as sustained buying interest continued to dominate activities on the exchange. Sentiment remained positive throughout the session, supported by renewed accumulation in select banking, consumer, and mid-cap stocks, even as cautious profit-taking emerged in a few large-cap names.
Trading opened on a firm note and remained largely positive, reflecting confidence in the near-term market outlook. Investors showed strong appetite for stocks with improving fundamentals and momentum appeal, with notable demand in CUSTODIAN, FIRSTHOLDCO, MECURE, NGXGROUP, and FTNCOCOA. The rebound in CUSTODIAN after the previous session’s pullback was particularly notable, reinforcing the market’s resilience and the willingness of investors to buy into weakness. Consumer names such as BUAFOODS and industrial stocks like WAPCO also benefited from selective accumulation, further supporting the market’s upward bias.
Market activity improved significantly, pointing to stronger participation across both retail and institutional segments. Trading volumes and values expanded sharply, driven mainly by financial services stocks. VFDGROUP dominated volume trades, reflecting heightened retail interest, while GTCO led value turnover, underscoring sustained institutional participation in tier-one banking stocks. This improvement in liquidity signals growing confidence and a healthy rotation of funds within the market.
Sectoral performance closed mixed but with a positive tilt. The banking sector led the gainers, supported by renewed inflows into both tier-one and mid-tier names. Consumer goods stocks also closed higher, buoyed by demand for defensive counters with relatively stable earnings outlooks. Industrial goods recorded modest gains on bargain hunting, while the insurance and oil & gas sectors closed slightly lower, reflecting cautious positioning amid macroeconomic uncertainties and a largely stable global oil market.
Large-cap stocks such as MTNN, BUACEMENT, DANGCEM, and WAPCO traded below their volume-weighted average prices, suggesting that institutional investors remained selective at current valuation levels. This pattern highlights ongoing sector and stock rotation, as funds continue to flow from fully priced names into counters offering better short-term upside or earnings visibility.
From a technical perspective, the market structure remains firmly bullish. The All-Share Index continues to trade above its key short- and medium-term moving averages, confirming the strength of the prevailing uptrend. Momentum indicators remain supportive, although the extended rally increases the likelihood of intermittent pullbacks as traders lock in profits. Nevertheless, any near-term correction is expected to be mild, with dips likely to attract fresh buying interest given the underlying positive sentiment and improving liquidity.
In the global commodities space, oil prices were largely stable, as concerns around oversupply were balanced by heightened supply risks linked to geopolitical tensions. Brent crude hovered slightly above $62 per barrel, while WTI traded around $58 per barrel. The relatively calm oil market kept sentiment around energy stocks neutral, contributing to the mild performance of the oil & gas sector.
On the gainers’ table, ALEX led the market with a 9.97% appreciation to close at ₦14.90. CUSTODIAN followed closely with a 9.69% gain, while FIRSTHOLDCO rose by 9.35% to close at ₦50.30. FTNCOCOA advanced by 8.74%, while MECURE gained 8.13% to close at ₦65.20. NGXGROUP also posted a strong performance, rising by 6.34%. On the losers’ side, ROYALEX topped the decliners’ chart, alongside other insurance and oil & gas stocks that recorded modest price corrections on profit-taking.
The All-Share Index gained 0.59% to close at 153,354.13 points, adding 895.06 points for the day. Market capitalisation rose by ₦578.90bn to ₦97.77trn, pushing the year-to-date return to 48.99%. Market breadth closed positive with 28 gainers against 26 losers, reflecting a balanced yet optimistic trading session driven by sustained buying interest and improving market liquidity.
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