The Nigerian equities market closed Christmas Eve on a positive note, as renewed buying interest in select large- and mid-cap stocks lifted overall sentiment. Trading on Tuesday, December 24, 2025, ended with the benchmark All-Share Index (ASI) posting modest gains, supported by a sharp increase in market activity and strong performances from consumer goods and hospitality stocks.
Data from the Nigerian Exchange Group showed that the All-Share Index advanced by 185.7 points to settle at 153,539.8, representing a 0.12% increase from the previous session’s close of 153,354.1. Although the gain was relatively mild, it marked an encouraging end to trading ahead of the Christmas holiday and reinforced the market’s strong year-to-date performance.
One of the most striking features of the session was the surge in trading volume. Investors exchanged approximately 1.7 billion shares, a significant jump from the 677 million shares recorded in the prior session. This spike in turnover suggested heightened portfolio adjustments and bargain-hunting activities as investors repositioned ahead of the year-end.
Market capitalization edges higher
As a result of the positive close, total equity market capitalization inched up to N97.8 trillion, compared with N97.7 trillion previously. The day’s trades were executed across 19,372 deals, reflecting broad participation despite the holiday-shortened trading week.
On the gainers’ table, Guinness Nigeria emerged as the top performer, rallying by 9.98% to close at N318.60. The stock benefited from strong demand, as investors reacted positively to its fundamentals and ongoing recovery in the consumer goods sector. Closely following was Austin Laz, which gained 9.97% to close at N3.20, extending its recent upward momentum.
Other notable gainers included International Breweries, which rose by 9.85% to N14.50, Transcorp Hotels, up 9.83% to N170.90, and Aluminum Extrusion Industries (ALEX), which added 9.73% to settle at N16.35. Together, these stocks provided strong upward support to the index.
Losers trail amid mixed sentiment
Despite the generally positive tone, some stocks closed in negative territory. Legend Internet led the losers’ chart, shedding 9.26% to close at N4.90, while AXA Mansard Insurance declined by 7.14% to N13.00. Jaiz Bank dropped 5.45% to N4.51, MTN Nigeria lost 5.21% to close at N504.00, and NEM Insurance slipped 4.74% to N24.10.
Activity and value leaders
In terms of trading activity, Abbey Mortgage Bank dominated the volume chart, accounting for an overwhelming 1.12 billion shares traded during the session. Sterling Financial Holdings followed with 127 million shares, while Custodian Investment traded 115 million shares. First HoldCo and Access Holdings rounded out the top five by volume, with 40.8 million and 38.1 million shares traded, respectively.
By transaction value, Abbey Mortgage also led the market, recording trades worth N7 billion. Custodian Investment followed with N4.4 billion, while First HoldCo posted N2.18 billion. Zenith Bank and GTCO completed the top five by value, with trades worth N2.13 billion and N2.05 billion, respectively.
SWOOTs and FUGAZ performance
Stocks with market capitalisation above one trillion naira (SWOOTs) reflected a broadly bullish tone. Transcorp Hotels jumped 9.83%, Nigerian Breweries gained 1.28%, and BUA Cement advanced 0.57%. However, MTN Nigeria declined 5.21%, Lafarge Africa dipped 0.74%, and Dangote Cement eased marginally by 0.16%.
Among the banking heavyweights known as FUGAZ stocks, UBA climbed 6.6%, First HoldCo surged 5.37%, Zenith Bank edged up 0.8%, and GTCO gained 0.74%, while Access Holdings closed flat.
Market outlook
With the All-Share Index now firmly above the 153,500 level and year-to-date returns at an impressive 49.17%, analysts believe bullish momentum could persist if buying interest remains broad-based. Sustained inflows into large- and mid-cap stocks may push the market closer to the 155,000-point threshold in the near term, as investors maintain a cautiously optimistic outlook heading into the final trading days of the year.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
