The bull transition on the Nigerian Exchange continued for the third consecutive week amid position taking across the large, mid and small cap stocks, signalling the entrance of Santa Claus into the market ahead of the Christmas holidays and the first two trading sessions in the New Year. This short window is expected to create returns for discerning investors and smart traders that understand the forces behind this period and the historical pattern of the January effect. Unaudited corporate earnings are expected to start hitting the market in the first month of 2026, offering investors insights into what corporate actions will look like on the strength of companies’ numbers.
The benchmark NGX All-Share index ended the week on a stronger note, gaining 2,624.12 basis points, representing 1.76% rise, closing at 152,057.38 basis points, after opening the period at 149.433.26 points. This was due to positive market sentiment that pushed the index action, breaking out various psychological lines of 150,000, 151,000 and 152,000 respectively, as a few stocks attained new 52-week high, just as market capitalization closed at ₦96.94 trillion.
NGXASI Daily Chart
Trading for the week opened on a positive note, extending the bullish close of the previous week with marginal gain of 0.00% on Monday, when the index closed at 149,437.88 points, led by gains in SOVRENINS. Tuesday saw a slight increase of 0.01% to 149,459.11 points, driven by ALEX, while Wednesday and Thursday recorded stronger gains of 0.26% and 0.35%, respectively, with FIRSTHOLDCO and NESTLE leading the bullish trend. Several stocks, including GUINNESS, MECURE, ALEX, and CAP, traded at, or above their 52-week highs during the session. The last trading day of the week recorded increased momentum as the All-Share index rose by 1.17% on a stronger buying interest in consumer, industrial goods and others that pushed the market higher for the period under review.
Transactions for the week surged as traded volume climbed to 9.85 billion shares worth ₦305.84 billion across 126,584 deals, compared to 4.37 billion shares valued at ₦97.78 billion the previous week. The Financial Services sector dominated trading, accounting for 8.30 billion shares worth ₦232.22 billion (84.22% of total volume and 75.93% of value). Healthcare and Consumer Goods followed, with 517.44 million and 392.77 million shares traded, respectively.
Ecobank Transnational Incorporated Plc, First Holdco Plc, and Access Holdings Plc drove market activity, together accounting for 6.42 billion shares valued at ₦204.63 billion (over 65% of total turnover).
On the performance front, all major indices gained except the NGX AFR Bank Value Index, which fell 1.38%, and the NGX Oil & Gas Index, down 0.17%.
Aluminium Extrusion Industries Plc
Price action was led on the gainers’ table by Aluminium Extrusion Industries Plc, a Nigerian manufacturing firm that produces and markets extruded aluminium products, including profiles, billets, doors, windows, roofing sheets, and related fabrication products, which surged by 59.35% to close at ₦12.35, followed by Mecure Industries Plc, up 44.93% at ₦55.00. First Holdco Plc rose by 42.93% to ₦44.95, while Guinness Nigeria Plc gained 33.01% to close at ₦289.70 each. NPF Microfinance Bank Plc completed the top gainers with a 20.65% appreciation to ₦3.74.
LivingTrust Mortgage Bank Plc
On the decliners’ side, LivingTrust Mortgage Bank Plc, a specialized mortgage bank in Nigeria focused on providing mortgage and housing finance as well as related financial services to individuals, businesses, and corporate clients, led the losses after shedding 11.38% to close at ₦3.35. This was followed by Japaul Gold & Ventures Plc, down 10.53% at ₦2.38, and International Energy Insurance Plc, which declined by 9.92% to ₦2.27. FTN Cocoa Processors Plc lost 9.80% to close at ₦4.42, while Stanbic IBTC Holdings Plc dipped by 9.33% to end the week at ₦95.20.
Technical Outlook
The ASI has broken above the 150,000 level, confirming a short-term uptrend. Immediate support is likely between 149,000–150,000 points, while resistance may be encountered around 153,000–155,000 points. Momentum indicators, combined with strong volume, suggest the market may continue its rally. However, overextended stocks could face profit-taking, creating selective buying opportunities.
Week-to-date, the All-Share Index has gained 1.76%, NGX 30 is up by 1.44%, the Banking Index has increased by 2.75%, the Pension Index increased by 1.89%, the Insurance Index inclined by 3.07%, the Consumer Goods Index increase by 4.51%. However, the Oil and Gas Index recorded a negative return of 0.17%. Year-to-date, the All-Share Index has gained 47.73%, NGX 30 is up by 45.48%, the Banking Index has increased by 34.95%, the Pension Index index increased by 54.77%, the Insurance Index inclined by 63.09%, the Consumer Goods Index increase by 115.22%. However, the Oil and Gas Index recorded a negative return of 1.33%. In terms of market breadth, 55 stocks advanced, while 36 declined.
Trending in the Economy: Nigeria’s headline disinflation slowed again in November 2025, easing to 14.45% and extending the recent disinflation trend, data from the National Bureau of Statistics showed. The decline was largely driven by base-year effects, even as month-on-month inflation climbed to 1.22%, pointing to lingering near-term price pressures. Food and core inflation moderated on an annual basis, although food prices rose compared with October, highlighting uneven price movements across sectors and regions despite improving overall stability, supported by relative exchange rate calm.
Meanwhile, President Bola Tinubu has requested the House of Representatives’ approval to repeal and re-enact the ₦43.56 trillion 2024 budget, a move he said would eliminate overlapping budgets and reinforce fiscal discipline. The proposal, which details allocations for statutory transfers, debt service, and recurrent and capital spending, was introduced in the House but faced procedural objections from lawmakers. It has since been referred to the House Committee on Appropriations for further review.
Global Market and Oil: Global equities climbed on Friday, led by technology shares on Wall Street, after the Bank of Japan raised interest rates to a 30-year high and hinted at possible further tightening. The yen fell sharply following the move, prompting some profit-taking and pushing the currency toward levels where officials may consider intervention. Japan’s 10-year government bond yield hit a 26-year peak, and the Nikkei rose 1%.
In the U.S., tech stocks regained momentum after Micron Technology posted strong results and an optimistic outlook, prompting Rosenblatt Securities to raise its price target from $300 to $500. “The renewed optimism around AI is boosting the Nasdaq and other markets,” said Michael James, equity trader at Rosenblatt.
On Wall Street, the Dow Jones rose 183 points (0.38%) to 48,134.89, the S&P 500 added 59.74 points (0.88%) to 6,834.50, and the Nasdaq gained 301 points (1.31%) to 23,307.62. Globally, the MSCI World Index climbed 0.71% to 1,008.32, though it recorded a slight weekly decline. European stocks also finished strong, with the STOXX 600 closing at a record high and posting a 1.6% weekly gain. U.S. economic data showed modest growth in existing home sales in November, with consumer sentiment slightly below expectations but higher than the prior month. “The economy may be emerging from a mild slowdown,” said Gary Schlossberg of Wells Fargo, noting that inflation may have peaked, providing a positive signal for the Fed and markets.
Currencies & Bonds:
The Yen dropped sharply against the U.S Dollar, which rose 1.38% to 157.69 yen. The dollar index increased 0.27% to 98.70, while the euro slipped 0.08% to $1.1711. U.S. Treasury yields edged higher, with the 10-year note at 4.149% and the 30-year at 4.827%, reflecting global rate movements and Fed expectations.
Oil Markets:
Oil prices rose amid concerns over Venezuelan supply disruptions and ongoing geopolitical risks. U.S. crude gained 0.91% to $56.66 a barrel, and Brent crude added 1.09% to $60.47.
Sectorial Indexes Weekly Position
NGX Banking Index Chart
NGX Consumer Goods Index Chart
NGX Insurance Index Chart
NGX Industrial Goods Chart
NGX Oil & Gas Index Chart
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