Nigeria’s Equities Market Sustains Uptrend As Investors Position Ahead Of Year-End, Despite Weak Breadth

Market Update For December 4, 2025

The Nigerian equities market maintained its upward trajectory on Thursday, continuing the measured accumulation pattern seen so far in December. The session opened with cautious sentiment as investors reassessed price levels across major sectors, but buying interest gradually strengthened throughout the day, allowing the market to close in positive territory despite weakening breadth.

This week’s trading behaviour reflects an environment where investors—particularly institutional players—are gradually repositioning for the final stretch of the year. Rather than pursuing speculative swings, the approach has been more selective and value-driven, targeting stocks with stable fundamentals, improved liquidity, and favourable technical setups. This slow and deliberate flow of funds into equities has contributed to the market’s ability to hold steady even when selling pressure surfaces in certain segments.

Banking stocks once again provided the backbone for market stability. The sector enjoyed renewed inflows as investors continued to take advantage of attractive price levels following recent consolidations. Tier-1 names such as GTCO, ZENITHBANK, UBA, and ACCESSCORP continued to attract strong interest, supported by their liquidity strength and resilience in previous sessions. The banking sector’s ability to remain firm is one of the major pillars supporting December’s early gains.

Insurance stocks also featured prominently, extending their strong recovery trend. The sector’s performance has been underpinned by increased activity in lower-priced counters, drawing momentum traders and long-term buyers alike. MANSARD, WAPIC, and NEM all enjoyed significant interest, reflecting growing confidence in the sector’s prospects heading into the new year.

ETI stood out during the session after breaking out from several weeks of flat movement. The stock’s 8.53% gain signalled renewed demand after a period of consolidation. MANSARD also extended its multi-session momentum streak, adding 7.75% as investors continued to accumulate positions. UACN, one of the most actively watched consumer names in recent weeks, surged 10% after renewed demand returned to the counter. Other gainers included HONYFLOUR with a 4.64% rise, WAPIC with 8.47%, and WAPCO with 3.45%, supported by sustained interest from both retail and institutional buyers.

On the other side of the table, profit-taking dominated several counters that had delivered strong upward runs earlier in the week. ELLAHLAKES, which had consistently posted gains for seven straight sessions, pulled back sharply with a 10% decline as earlier buyers booked profits. TRANSCOHOT also slipped 9.95% after days of intense activity, while GUINEAINS and CAP both retreated significantly, shedding 8.46% and 6.16% respectively. These reversals highlight the pockets of caution that remain in the market even as broader sentiment tilts positive.

Market turnover took a softer tone in the regular session, suggesting a more calculated approach to risk. However, total market activity remained strong due to a sizeable off-market block trade of 1.5 billion units in ETRANZACT. This single transaction dominated the day’s volume and value figures, making the stock the focal point of market interest for a second consecutive day. GTCO led on-screen value traded, while FIDELITYBK dominated regular-session volume.

In the energy space, crude oil prices held mildly higher as geopolitical events continued to shape supply expectations. Brent crude settled around $63.02 per barrel, while WTI climbed to $59.36. Market attention stayed on ongoing developments in Eastern Europe, where disruptions to pipeline flows and refinery operations continued to raise supply concerns. With little progress on diplomatic fronts, the oil market maintained a cautious upward bias throughout the session.

At the close of trade, the All-Share Index (ASI) rose 0.10% to finish at 145,476.15 points, marking its third consecutive gain. Market capitalization increased by N97.06 billion to N92.73 trillion, while year-to-date return climbed to 41.34%. Market breadth closed negative with 22 gainers and 27 losers. UACN (+10%) led the gainers, followed by ETI (+8.53%), WAPIC (+8.47%), MANSARD (+7.75%), HONYFLOUR (+4.64%), WAPCO (+3.45%), NB (+2.79%), TRANSCORP (+2.12%), NEM (+1.92%), OANDO (+1.28%), GTCO (+1.15%), ZENITHBANK (+0.83%) and several others. On the losers’ side, ELLAHLAKES and EUNISELL dropped 10% each, while TRANSCOHOT (-9.95%), GUINEAINS (-8.46%), and CAP (-6.16%) also posted notable declines. Total volume dipped 14.15% to 1.93 billion units, with value at N19.19 billion across 23,369 deals—significantly influenced by the large ETRANZACT off-market transaction.

Invest 2026 Traders & Investors Summit

Theme: Pre-Election Year Investment Opportunities & Risks

Sub-Topics

1. Comprehensive Earnings Guide for Profitable Investing and Trading in 2026, by Mr Peter Sunday Adebola, Managing Director/CEO Edgefield Capital Management Ltd

2. Pre-Election Year Rally: How Economic Events & Tax Reforms Fuel Bull Or Bear Cases In 2026, by Mr Teriba Adeboye, MD/CEO, Qualinvest Capital ltd

3. NGX Pre-Election Year Performance & Historical Patterns:10 Golden Stocks For Profitably Investing, by Mr Ambrose Omordion, CRO. Investdata Consulting Ltd

4. Nigeria Infrastructural Gap & Fiscal Policy Reforms: Where are Investment Opportunities in 2026, by Mr Tope Ojo, Managing Partner, Tope & Tunde Estate Surveyors & Valuers

5. Investment Opportunities In The Alternative Markets In 2026 & Beyond, by Dr Sylvester Anaba (PhD, FCS) Head Research, United Capital Plc

6. The Pre-election Economy & 2016 Budget: Implementation and Impact On NGX, by Mr Abiola Rasaq, Former Head, Investor Relations & Portfolio Investments United Bank For Africa Plc   

7. NGX New Highs & Correction: The Power Of Price Action, Time & Momentum In Profitable Trading In 2026 & Beyound, by Mr Abdul-Rasheed Oshoma Momoh, ED Operations, TRW Stockbrokers Ltd  

8. Strategies For Equity Investing & Trading In A Pre-Election Year, by Mr Kebira Jimoh Aruna, MD/CEO GlobalView Capital Ltd  

Riding the tide of pre- election Years in Nigeria, 2026 is not just any year—it’s part of a powerful historical trend or pattern that should be known to smart traders or discerning investors in any investment window, market or exchange in Nigeria today. It comes with tradable opportunities and risks that are associated with elections and post-elections. The ability to navigate between politics and economy creates the wealth to makes the difference in your investment. The reading of a nation’s electoral cycle and how investors perceive whether there could be a change in leadership or continuity, is a major factor that results in much of the uncertainty in pre-election years have been known for. This, it is believed can, and does spike market volatility and businesses, especially when it is seen that a new party may take power. This summit will help market players to navigate 2026 profitably by maximizing gains and minimize losses  

Take away from this summit includes:

How to construct a resilient and Powerful Portfolio that adapts to market and economic changes.

● What to expect from the market and economy as the new tax reforms kicks off in 2026.

● Why historical patterns and trends in Nigerian election cycle is important when taking your investment decision in 2026 and beyond.

● The power of liquidity and corporate earnings in price movement.

● How to anticipate big sector moves and recovery in 2026 with ongoing reforms

● Understanding the cycle of 4 years opportunities time frames that comes with election preparation in Nigeria

● 10 golden stocks for 2026

Date: December 6, 2025

Fee: N75,000

Venue: Zoom

If you want to be among the winning investors and traders in 2026, send Yes to: 08028164085, or 08179547605 now.rs and traders in 2026, send Yes to: 08028164085, 08179547605 now.