Nigeria’s equities market staged a strong recovery on Tuesday, December 2, 2025, reversing the losses recorded during the previous trading session and signaling renewed investor appetite for heavyweight counters. The rebound was driven largely by significant buying interest in Dangote Cement (DANGCEM), which helped propel the Nigerian Exchange (NGX) All-Share Index (ASI) upward by 1.20%, closing at 144,928.36 points. Market capitalization similarly expanded by 1.41% to settle at N92.38 trillion, reflecting improved market confidence at the start of the week.
This rally also boosted the year-to-date (YTD) performance of the market, with returns rising to 40.81%, up from 39.14% the previous day, underscoring the NGX’s resilience despite recent volatility. The positive sentiment was led by gains in key blue-chip stocks including Dangote Cement, NCR, and International Breweries, whose strong performance helped offset losses seen in Ikeja Hotels, Legend, and LivingTrust.
Market activity, however, painted a mixed picture. While the value of transactions surged impressively—rising 112.64%—the total volume of shares traded dropped sharply by 58.65%, suggesting that although fewer shares changed hands, the trades executed were concentrated in high-value stocks. This pattern indicates selective positioning by institutional and high-net-worth investors rather than broad-based market participation.
AccessCorp dominated the activity chart with 310.25 million units traded, maintaining its position as the most actively traded stock of the session. On the value side, SEPLAT took the lead with trades worth N22.48 billion, reflecting sustained interest in energy-sector equities.
Market Summary
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ASI: Up 1.20% to 144,928.36 points
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YTD Performance: 40.81%
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Market Capitalization: Up 1.41% to N92.376 trillion
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Volume Traded: 606.25 million shares
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Value Traded: N39.690 billion
Top 5 Gainers
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Dangote Cement (DANGCEM): +9.99% to N588.00
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NCR: +9.98% to N66.10
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International Breweries (INTBREW): +9.66% to N11.35
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Livestock Feeds: +8.33% to N6.50
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DAAR Communications: +8.14% to N0.93
Top 5 Losers
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Ikeja Hotel: –9.92% to N28.60
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Legend: –9.91% to N5.00
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LivingTrust: –9.78% to N3.23
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WAPIC: –6.72% to N2.36
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FTN Cocoa: –5.10% to N4.65
Sectoral Performance
The session’s performance was broadly positive, led by:
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Industrial Goods: +4.30% (boosted by strong demand for DANGCEM)
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Consumer Goods: +1.08%
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Banking: +0.19%
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Insurance: +0.16%
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Oil & Gas: +0.02%
The industrial sector dominated due to heavy bargain-hunting in Dangote Cement, which alone added significant upward pressure on the broader market indices.
Trading Volume Leaders
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AccessCorp: 310 million shares
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Zenith Bank: 40.33 million shares
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Fidelity Bank: 38.17 million shares
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FCMB: 21.139 million shares
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GTCO: 20.810 million shares
Trading Value Leaders
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AccessCorp: N6.42 billion
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Zenith Bank: N2.42 billion
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GTCO: N1.80 billion
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Aradel: N632.44 million
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MTNN: N664.35 million
Market Outlook
The market’s recovery reflects strengthening investor sentiment as funds rotate into high-cap stocks perceived as more stable amid economic uncertainty. The strong performance of heavyweight counters, particularly Dangote Cement and International Breweries, signals targeted accumulation by institutional investors looking to position ahead of year-end portfolio adjustments.
However, the sharp decline in market volume suggests underlying caution. While value traded rose substantially, the concentration in a few large-ticket equities indicates that investors are selectively picking opportunities rather than engaging in broad-based risk-taking. Analysts expect this trend to persist in the near term as investors balance optimism about corporate earnings with concerns about macroeconomic pressures, inflation, and exchange rate volatility.
Overall, the market appears poised for a cautiously bullish close to the year, provided stability persists in key sectors and liquidity continues to rotate into fundamentally strong stocks.
