Market Update For December 29, 2025
The Nigerian equities market maintained its post-Christmas Santa Claus rally, closing higher for another session as investor sentiment remained broadly positive despite selective profit-taking in a few large-cap stocks. Trading opened on a strong note and, although momentum moderated slightly during the session, bargain hunting in key sectors helped sustain the bullish close. The market’s resilience continues to reflect confidence in equities as a hedge against inflation, as well as ongoing portfolio rebalancing by institutional and retail investors toward the end of the year.
Buying interest was most pronounced in the consumer goods sector, where investors positioned in stocks with improving earnings prospects and strong price momentum. The rally in this space suggests renewed confidence in companies with pricing power and brand strength, particularly as cost pressures begin to stabilise. Industrial goods and oil & gas stocks also closed marginally higher, supported by selective demand and improving global oil price dynamics. In contrast, the banking sector recorded mixed performance, with gains in tier-2 lenders partially offset by sell-offs in some tier-1 names, pointing to ongoing rotation rather than outright risk aversion.
Market activity painted a nuanced picture. While the total volume of shares traded declined, turnover value increased notably, indicating that trades were concentrated in high-liquidity and higher-priced stocks. This pattern suggests that investors are deploying capital more deliberately, focusing on names with strong fundamentals, attractive valuations, or short-term technical appeal. ACCESSCORP dominated trading activity, reinforcing sustained interest in liquid banking stocks amid expectations of earnings resilience and dividend payouts.
Globally, energy markets provided additional support to local sentiment as oil prices moved higher. Brent crude climbed above $61 per barrel, while U.S. West Texas Intermediate traded above $58 per barrel. The gains were driven by optimism around progress in talks between the United States and Ukraine aimed at ending the Russia–Ukraine conflict, alongside concerns over potential supply disruptions in the Middle East. Analysts cautioned that thin liquidity toward the start of the new year could amplify volatility, keeping oil prices sensitive to geopolitical headlines in the near term.
Technical Analysis: Trend Still Bullish, Momentum Intact
From a technical perspective, the Nigerian market remains firmly in bullish territory. The All-Share Index continues to trade above its key short-, medium-, and long-term moving averages, confirming the strength of the prevailing uptrend. Recent price action shows higher highs and higher lows, a classic bullish structure that underscores sustained buying interest. The index’s ability to hold above the 154,000 psychological level signals strong market depth, with immediate resistance seen around the 155,000–156,500 band.
Momentum indicators such as the Relative Strength Index (RSI) remain elevated but not yet at extreme overbought levels, suggesting room for further upside. However, the slowing pace of gains points to the likelihood of intermittent consolidation or mild pullbacks as investors lock in profits. Such pauses are expected to be healthy and could provide fresh entry opportunities, particularly in fundamentally strong stocks that lag the broader market.
Sectoral technicals suggest continued rotation rather than a one-directional market. Consumer goods stocks are showing strong breakout patterns, while selected banking and industrial names are attempting to stabilise above key support levels. Stocks trading above their 52-week highs are likely to continue attracting momentum-driven inflows, although volatility may increase as valuations become more stretched.
Outlook:
Looking ahead, the near-term outlook for Nigerian equities remains positive, underpinned by strong year-to-date performance, sustained liquidity, and the absence of attractive fixed-income alternatives in real terms. The market is likely to remain supported by window dressing, dividend positioning, and ongoing sector rotation. That said, investors should expect periods of consolidation as the market digests recent gains and awaits fresh catalysts in the new year, including corporate earnings updates, macroeconomic data, and policy signals.
In the medium term, fundamentally sound stocks with strong cash flows, pricing power, and defensive characteristics are expected to outperform, particularly in an environment of elevated inflation and currency uncertainty. Active stock selection and disciplined risk management will remain critical, as broad-based rallies may give way to more nuanced, stock-specific moves.
Market Snapshot
The benchmark All-Share Index (ASI) gained 0.55% to close at 154,389.53 points, pushing the year-to-date return to 50.0%. Market capitalisation increased by N541.73bn to N98.43trn. Total value traded rose to N35.54bn, even as volume declined by 16% to 1.47bn shares. The day’s top gainers were ETI (+10.0%), GUINNESS (+9.8%), IKEJAHOTEL (+8.8%), NEM (+6.6%), and CADBURY (+4.9%), while INTENEGINS and FIRSTHOLDCO led the losers’ chart.
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