Market Update For December 30, 2025
The Nigerian equities market closed higher on Tuesday, extending its bullish run for the tenth consecutive session as investors continued to position in fundamentally strong and highly liquid stocks. The market rally was driven by renewed interest across key sectors including construction, consumer goods, banking, oil & gas, insurance, and industrial goods. Momentum remained concentrated in large- and mid-cap stocks, reflecting a combination of fundamental buying and short-term speculative flows.
Stocks such as JBERGER, HONYFLOUR, FIDSON, TRANSCORP, WEMABANK, OANDO, IKEJAHOTEL, NEM, BUAFOODS, NASCON, BUACEMENT, ACCESSCORP, GTCO, ETI, and ZENITHBANK attracted the bulk of investor interest, supporting a broadly positive sentiment. Market participants remained optimistic as liquidity levels remained high, driving the market’s sustained upward trajectory even amid macroeconomic uncertainties. Analysts note that the current rally is supported by both end-of-year portfolio positioning and anticipation of improved earnings performance from select sectors.
Trading activity was particularly strong, with total market volume increasing by 219.02 percent to 4.68 billion shares, valued at ₦38.86 billion across 34,852 deals. CORNERST dominated activity, trading 3.67 billion units worth ₦18.53 billion, representing 78.36 percent of total volume and 47.69 percent of value. FCMB and WEMABANK contributed 6.46 percent and 2.08 percent to total volume respectively, while FCMB and ZENITHBANK followed CORNERST in traded value. The surge in volume relative to value highlights active speculative trading, particularly in highly liquid and lower-priced stocks, while large-cap names continued to anchor institutional flows.
Sectoral performance was largely positive on Tuesday. The Oil & Gas index rose 0.33 percent, supported by gains in OANDO, which closed at N7.85, up 5.12 percent, as investors positioned ahead of potential improvements in upstream and downstream earnings. The Consumer Goods, Insurance, and Industrial Goods indices also recorded gains of 0.84 percent, 1.58 percent, and 0.77 percent respectively, reflecting rotational buying across defensive and growth-oriented stocks. Meanwhile, the Banking index declined by 0.58 percent, weighed down by profit-taking in FIRSTHOLDCO, which lost 9.94 percent to close at N0.91, despite mild gains in tier-one banks such as GTCO, ACCESSCORP, ETI, and ZENITHBANK. Analysts suggest that this divergence reflects selective profit-taking rather than broad-based sector weakness.
Technically, the All-Share Index remains firmly above key short- and medium-term moving averages, confirming the strength of the prevailing uptrend. Momentum indicators continue to signal further upside potential, though the market is approaching overbought levels. This increases the likelihood of short-term pullbacks or sideways consolidation, particularly near resistance levels between 155,500 and 156,000 points. Support levels are observed around 154,200 to 154,500 points, which have acted as a base during recent retracements. Traders are advised to maintain exposure to high-quality and liquid stocks while monitoring these technical levels closely.
Looking ahead, the near-term market outlook remains constructive. Positive sentiment is expected to continue, supported by strong liquidity, sector rotation, and sustained interest in fundamentally sound counters. Defensive sectors such as consumer goods and insurance are likely to retain investor attention, while oil & gas stocks may continue to outperform amid geopolitical uncertainties and fluctuations in global energy prices. Momentum-driven investors may continue targeting high-beta mid- and small-cap stocks, while medium- to long-term investors remain focused on stable, dividend-yielding equities.
Global oil prices were largely steady on Tuesday, as traders balanced fading hopes of a Russia-Ukraine peace deal against rising tensions in the Middle East. Brent crude for February delivery rose 24 cents, or 0.39 percent, to $62.18 per barrel, while the more active March contract advanced 26 cents, or 0.42 percent, to $61.75 per barrel. Oil benchmarks had settled more than 2 percent higher in the previous session after Saudi Arabia launched airstrikes in Yemen and Moscow accused Kyiv of targeting a Russian presidential residence, denting optimism for peace negotiations. UBS analyst Giovanni Staunovo noted that the market has now adjusted its expectations, with little anticipation of a near-term breakthrough in Ukraine-Russia talks. Oil price stability provided additional support for Nigerian oil & gas stocks, contributing to sectoral gains on the local market.
The All-Share Index closed at 155,034.72 points, up 0.42 percent from Monday’s close, lifting market capitalization to ₦98.84 trillion. Investors’ wealth increased by ₦441.35 billion, while the year-to-date return rose to 50.63 percent. Market breadth was positive, with 44 gainers and 24 losers. Top gainers included GUINEAINS, which rose 10 percent to N1.98, HONYFLOUR, up 10 percent to N3.90, JBERGER, up 10 percent to N26.50, FIDSON, which gained 7.87 percent to N15.20, TRANSCORP, up 7.23 percent to N1.88, WEMABANK, which rose 6.28 percent to N0.68, OANDO, up 5.12 percent to N7.85, IKEJAHOTEL, which added 4.23 percent to N2.50, NEM, up 3.89 percent to N2.66, and BUAFOODS, which rose 3.88 percent to N13.20. On the downside, FIRSTHOLDCO led the losers, down 9.94 percent to N0.91, followed by UNIONDICON, which declined 5.12 percent to N1.22, ABCTRAN, down 4.85 percent to N2.95, XYZINS, which lost 3.78 percent to N1.05, and LMNTECH, down 2.90 percent to N4.50.
Overall, the market’s structure remains constructive, supported by liquidity, sector rotation, and sustained investor confidence, while oil price stability and defensive sector strength continue to anchor the ongoing rally.
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