…Nearly N1 Trillion Friday rebound marks strongest session of the week
Nigeria’s equities market rebounded strongly in the first week of December, clawing back N2.436 trillion in market value after the Nigerian Exchange (NGX) suffered one of its worst monthly declines in history a month earlier. The rally signals a decisive shift in sentiment following the N6.5 trillion market crash recorded in November, when a combination of domestic macroeconomic pressures and global risk aversion triggered aggressive sell-offs.
The recovery gathered momentum through the week, culminating in an exceptional performance on Friday, December 5, when investors added N996.840 billion in a single trading session—representing the largest one-day market gain recorded during the period. Analysts say the scale of the Friday rally reflects bargain-hunting activity across banking, industrial goods, and consumer stocks, as well as renewed confidence that the market over-corrected in November.
Overall, the market posted a 2.7% weekly increase in capitalization, rising from N91.286 trillion on November 28 to N93.722 trillion by the close of trading on December 5. The performance provides a psychological lift for investors who witnessed significant paper losses last month amid one of the steepest declines on the NGX in recent memory.
The benchmark All-Share Index (ASI) tracked the same upward pattern, adding 3,519.55 basis points, or 2.45%, to close at 147,040.08 points—up from 143,520.53 points at the end of November. On a day-to-day basis, the ASI continued to build momentum, climbing 1.07% on Friday alone, gaining 1,563.93 basis points compared to Thursday’s closing rate of 145,476.15 points.
Correspondingly, market capitalization surged by nearly N1 trillion, closing at N93.722 trillion, compared to N92.725 trillion just 24 hours earlier. The strong opening to December has helped stabilize investor expectations after November delivered the most severe monthly loss since the pandemic period, easing fears of prolonged downside pressure.
Market Performance Indicators – December 5, 2025
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ASI: +1.08% to 147,040.26 points
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Market Cap: +1.08% to N93.72 trillion
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Year-to-Date Change: +42.86%
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Volume Traded: 361.6 million shares, down 81.29%
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Deals: 21,051 deals, down 9.92%
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Transaction Value: N14.84 billion, down 22.70%
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Gainers: 38
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Losers: 16
Despite the strong upward movement in value, liquidity indicators such as trading volume and turnover declined during Friday’s session, reflecting selective buying rather than broad-based accumulation.
Top Market Movers
Leading gainers on the day included:
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UACN: +10.00% to N96.80
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Transcorp Hotels: +9.71% to N172.80
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Royal Exchange: +8.89% to N1.96
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Ikeja Hotel: +8.74% to N31.10
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Veritas Kapital: +8.07% to N1.74
Top decliners included:
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Union Dicon: -10.00% to N6.30
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ABC Transport: -9.88% to N3.10
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Mansard Insurance: -7.19% to N12.90
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FTN Cocoa: -7.16% to N9.75
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Guinea Insurance: -3.36% to N1.15
In volume terms, the day was led by large-cap financial stocks. Zenith Bank topped activity levels, followed by Access Holdings, Fidelity Bank, FCMB, and Tantalizers, reflecting continued dominance of the financial services sector in daily liquidity flows.
Turnover Surges as ICT Sector Leads Trading Activity
On a week-to-week basis, total turnover on the NGX rose sharply, with 6.617 billion shares valued at N113.224 billion exchanged in 109,590 deals. This compares to the previous week’s 4.140 billion shares worth N115.889 billion across 102,351 deals.
The ICT sector was the most active by volume, accounting for 3.500 billion shares—representing 52.89% of total equity turnover—valued at N17.759 billion. Most of this activity was driven by heavy transactions in E-Tranzact, which helped position the sector as the dominant liquidity space of the week.
Financial services followed with 2.625 billion shares traded, valued at N50.188 billion, while the services segment took third place with 104.524 million shares valued at N1.166 billion.
Three stocks—E-Tranzact International, Cornerstone Insurance, and Access Holdings—accounted for a combined 4.871 billion shares, or 73.60% of total market turnover, underlining a concentration of investor interest in select counters.
Broader Market Sentiment Improves
Market breadth improved significantly, with 55 gainers, compared to 38 in the previous week, while the number of declining stocks fell from 36 to 29. However, two sector indices ended lower, with the NGX Oil & Gas Index dipping 0.57%, and the NGX Commodity Index shedding 0.30%. All other sectoral indicators closed higher, suggesting broad-based recovery across key segments.
Analysts say the first week of December reflects a transition from panic-driven selling to cautiously optimistic positioning. With year-to-date performance now at +42.86%, institutional investors appear to be positioning for a potential December rally, while retail traders take advantage of discounted valuations across sectors.
