Nigerian Bourse Rebounds Strongly, Index Gains 0.74% Amid Broad-Based Buying, Market Outlook Turns Firmer

Market Update For December 11,2025

The Nigerian equities market advanced further on Thursday, deepening its recovery and reversing the weakness seen earlier in the week, as buy interest resurfaced across major blue-chip and mid-tier counters. The session opened on a positive note and sustained a steady upward trajectory throughout, reflecting renewed confidence among both retail and institutional investors ahead of anticipated year-end liquidity improvements and portfolio adjustments.

Demand was strongest in the telecoms, consumer goods, insurance and select industrial stocks, with MTNN’s notable price appreciation setting the pace for the broader market. Investors continued to reassess positioning in value-rich consumer goods counters, leading to pronounced gains in names like NB, DANGSUGAR and PZ. Increased conviction in these segments signals a renewed appetite for equities with strong market dominance, resilient fundamentals and favourable forward earnings potential. The day’s trading also recorded significant breakout movements, as MORISON, PZE, MECURE and NB surged above their 52-week highs, highlighting heightened momentum and demonstrating the strength of current accumulation patterns. In contrast, JOHNHOLT slipped below its 52-week low, reflecting sustained selling pressure and weakening investor sentiment around the counter.

Despite this broad-based improvement, the banking sector remained the primary drag on overall market sentiment. All tier-1 banks—FIRSTHOLDCO, UBA, GTCO, ACCESSCORP and ZENITHBANK—closed lower, extending the week’s negative streak as investors remained cautious due to macroeconomic uncertainties and policy-related expectations. This divergence continued to emphasise the strong sector rotation underway, with funds moving steadily from banking counters into consumer goods, telecoms and insurance stocks that appear better positioned for short-term stability and upside.

Market activity moderated as overall volume declined by 29%, signalling a shift away from speculative high-volume trades toward more deliberate, value-driven accumulation. The market recorded a total of 529.70 million units traded with a turnover of N12.31 billion across 18,159 deals. ACCESSCORP once again dominated activity as the most traded stock by volume and value with 156.32 million units worth N3.16 billion, followed closely by FCMB, FIDELITYBK, ZENITHBANK and MTNN. Although turnover was softer, the consistency of value-heavy trades suggests a more strategic engagement by market participants.

Technical Analysis

From a technical standpoint, Thursday’s performance further reinforced the bullish market structure. The ASI extended its upward movement and continues to trade above both the 20-day and 50-day moving averages, signalling sustained positive momentum. The market’s ability to overcome the midweek pullback and rebound strongly indicates healthy demand from investors comfortable accumulating at current price levels. Improved market breadth reflects widening participation across sectors and helps validate the continuation of the uptrend. Even though total trade volume declined, rising prices alongside softer turnover often point to patient accumulation—a signal that investors are building positions steadily rather than rushing into trades.

Market Outlook

Heading toward the close of the week, the broader sentiment suggests that the market is likely to sustain a mixed-to-positive pattern as investors rotate toward resilient and fundamentally strong counters. Consumer goods, telecoms, industrials and insurance names are well positioned for continued inflows, while the banking sector may remain under mild pressure due to ongoing profit-taking and caution ahead of regulatory developments. Global macroeconomic factors, particularly ongoing volatility in crude oil prices, remain key external influences, but domestic liquidity and local institutional behaviours are expected to drive near-term direction.

Oil Market Update

Global oil prices retreated on Thursday as Brent crude fell $1.10 or 1.8% to $61.11 per barrel, while WTI weakened by $1.07 or 1.8% to $57.39 per barrel. The decline was driven by renewed focus on Russia-Ukraine peace discussions and broader market caution following the U.S. seizure of a sanctioned Venezuelan tanker. The pressure on oil prices kept both benchmarks hovering around their lowest in more than two weeks, reflecting a cautious global energy market.

Market Summary 

The NGX All-Share Index gained 0.74% to close at 147,950.59 points from 146,862.00 points, adding N693.96 billion to market capitalisation, which settled at N94.32 trillion. The top gainers of the day included BERGER, which advanced 9.88%, PZ up 9.36%, MECURE rising 8.74%, NB appreciating 7.57%, NEM up 6.60%, DANGSUGAR gaining 5.89%, MTNN climbing 4.91% and EUNISELL closing higher by 4.25%. The session’s major laggards were led by JOHNHOLT, which posted the steepest decline of the day. Market breadth closed positive with 31 gainers against 25 losers, underscoring broad investor participation and the strengthening bullish sentiment across the equities market.