The Nigerian equities market closed slightly lower on Wednesday, December 10, 2025, as selling pressure in several key sectors outweighed gains from resilient mid-cap performers. The benchmark All-Share Index (ASI) slipped by 0.05%, shedding 78.3 points to finish at 146,862.0, down from the previous session’s close of 146,940.3.
The market’s subdued performance came amid a notable slowdown in trading activity. Total daily volume declined sharply to 747 million shares, a significant drop from 1.9 billion shares traded on the previous day, reflecting weakened investor appetite and a more cautious trading environment.
Market capitalization also mirrored the slight bearish swing, falling marginally from N93.65 trillion to N93.62 trillion, a decline consistent with the modest pullback in the ASI. Despite the dip, the market remains substantially above its early-year levels, with a robust year-to-date gain of 42.69%, underscoring lingering investor confidence in Nigeria’s equity space.
Mixed Sentiment Across Equities as JapaulGold Dominates Gainers’ Chart
Market breadth was slightly negative, although select mid-cap stocks bucked the overall trend. The day’s standout performer was Japaul Gold, which surged 10.00% to close at N2.53, benefiting from a wave of speculative interest and renewed activity in the mining and natural resources segment. Prestige Assurance followed with a 9.40% gain, rising to N1.63 and signaling renewed investor confidence in insurance stocks after recent weakness.
Other strong performers included Mecure with a 7.72% rise to N34.90, TIP which climbed 7.30% to N12.50, and Consolidated Hallmark Insurance (CONHALLPLC), up 6.97% at N4.30.
On the laggards’ side, Chams posted the steepest decline of the day, shedding 10.00% to settle at N3.06 following profit-taking and earlier volatility. Haldane McCall (HMCALL) dropped 8.88% to N4.00, while UACN fell 8.18% to N80.80 amid continued sell-offs in the consumer goods segment. Sunu Assurances declined 6.98%, and Linkage Assurance weakened 4.35%.
Trading Activity Driven by Cutix, FCMB, and Insurance Stocks
In terms of trade volume, Cutix led the activity chart with 122.9 million shares, reflecting strong retail investor participation. It was followed by FCMB, which posted 80.6 million shares in turnover. CONHALLPLC ranked third with 71.1 million shares, while Fidelity Bank and Tantalizers closed out the top five with 63.8 million and 57.8 million shares, respectively.
By trading value, GTCO dominated the session with transactions worth N2.7 billion, consolidating its status as one of the most actively traded banking stocks. Fidelity Bank recorded N1.21 billion in value traded, followed by AccessCorp at N905 million. FCMB accounted for N879.2 million, while Zenith Bank completed the top-value chart with N683.3 million.
SWOOT and FUGAZ Stocks Show Mixed Momentum
Stocks Worth Over One Trillion Naira (SWOOTs) showed bearish movement, with Nigerian Breweries falling 1.33% amid ongoing challenges in the consumer goods sector.
The FUGAZ banking group posted mixed results:
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AccessCorp dipped 2.87%
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Zenith Bank closed flat
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UBA gained 0.63%
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GTCO advanced 0.27%
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FirstHoldCo edged up 0.16%
The subdued performance among heavyweight stocks contributed significantly to the overall market pullback.
Market Outlook: Rebound Still in Sight
Despite the day’s decline, analysts note that the broader market continues to recover from the late-November slump that briefly pushed the ASI toward the 143,000 threshold. The index is now trending sturdily upward, although momentum remains fragile.
If renewed buying pressure emerges—especially in banking, industrials, and key mid-cap counters—the market could regain traction and attempt a climb toward the 150,000 level in the coming sessions. For now, investors remain watchful of liquidity conditions, external macro signals, and corporate disclosures that could shape sentiment in the near term.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
