Market Update For December 9, 2025
The Nigerian equities market continued its corrective movement on Tuesday as profit-taking dominated trading activity across several major sectors. After a sustained bullish run, many stocks that had rallied significantly in previous sessions entered overbought zones, prompting investors to lock in gains and rotate into safer positions. Although the session opened with pockets of optimism, early sell pressure in high-flying stocks quickly shifted sentiment, nudging the market into a more cautious and reflective mode. The downtrend was not driven by panic but by strategic rebalancing, a natural pause for breath in a market that has climbed strongly for weeks.
Throughout the day, sector rotation became increasingly evident. Hospitality and energy stocks were hit hardest, with aggressive marking-downs in TRANSCOHOT and IKEJAHOTEL, while ETERNA also shed significant value following the softness in the broader oil environment. Insurance names such as NEM and CUSTODIAN, as well as industrial and agro-allied counters like OKOMUOIL and UACN, also experienced notable sell-offs. Meanwhile, the banking sector—although not immune—showed relative stability, reflecting institutional confidence in the sector’s earnings prospects and positioning ahead of full-year results. The price movements across the board suggested that investors were reallocating capital rather than abandoning positions, thereby maintaining the market’s overall liquidity profile.
The highlight of the session was the massive liquidity surge driven by exceptional activity in ETRANZACT. The fintech stock dominated the market with over 1.03 billion units traded, representing 52% of total market volume and nearly 25% of total traded value. Such an extraordinary concentration indicates a blend of significant institutional activity, speculative momentum, and algorithmic trades. This singular activity boosted overall market turnover, masking the underlying softness in price performance. ACCESSCORP and CORNERST followed as distant contributors to market activity, but the session belonged overwhelmingly to ETRANZACT.
From a technical angle, the market’s behaviour aligns with a short-term consolidation phase. The All-Share Index (ASI) remains well above its key moving averages, preserving the medium- and long-term bullish trend. However, oscillators such as RSI and MACD show a cooling momentum, reflecting the exhaustion of the previous upward charge. This setup often precedes either a sideways trading pattern or a fresh accumulation phase as investors await clearer macro signals. As year-end approaches—a period traditionally associated with portfolio reshuffling, strategic accumulation, and early dividend positioning—the market’s current stabilisation may serve as a foundation for the next upward wave.
Globally, oil prices steadied after Monday’s notable decline. Brent crude traded around $62.52, while WTI hovered near $58.92. Investors monitored renewed Ukraine–Russia peace efforts, alongside Iraq’s restored production at Lukoil’s West Qurna 2 oilfield, which added downward pressure to supply expectations. Markets are also awaiting the U.S. Federal Reserve’s interest rate decision, a key determinant for global risk appetite. Analysts suggest that oil remains range-bound, likely to move sharply only when clearer signals emerge from geopolitical negotiations or monetary policy developments.
Back home, domestic investors remain active, and the pullback has not deterred institutional and retail participation. With inflation dynamics, exchange rate adjustments, and government policy direction in focus, investors are preparing for a dynamic year-end period. Despite the downturn, the equity market remains fundamentally supported by strong liquidity, resilient corporate earnings, and attractive valuations in several sectors.
At the close of Tuesday’s session, the All-Share Index (ASI) fell by 0.33% to 146,940.29 points from 147,426.95 points. Market capitalisation declined by N310.83 billion to N93.66 trillion. Market breadth closed negative with 31 decliners against 21 gainers. MORISON led the gainers with a notable advance, while DAARCOMM topped the losers. Leading decliners included ETERNA (-10.00%), TRANSCOHOT (-9.95%), IKEJAHOTEL (-9.65%), UACN (-9.09%), OKOMUOIL (-6.49%), NEM (-5.66%), CUSTODIAN (-5.65%), and JBERGER (-5.44%). Top gainers included MORISON, while others recorded mild advances. ETRANZACT dominated total volume and value traded. Year-to-date return moderated to 42.76%.
