NGX Sustains Rebound as ASI Rises 0.10% Amid Mixed Market Sentiment

The Nigerian equities market extended its recovery trend on Thursday, December 4, 2025, closing on a modestly positive note despite mixed trading sentiment across the broader market. The rebound, which began earlier in the week, continued to reflect renewed investor appetite for fundamentally strong counters, particularly in the banking and consumer goods segments.

At the close of trading, the benchmark All Share Index (ASI) increased by 0.10%, climbing to 145,476.15 points from the previous 145,323.87 points. In tandem with the higher index level, the total market capitalization recorded a value gain of ₦97 billion, rising from ₦92.63 trillion to ₦92.73 trillion. The positive outcome extends a recovery that began on Tuesday, when the market added more than ₦252 billion amid renewed interest in tier-one banking stocks and demand for select consumer goods equities.

Despite the upward movement in the index, the market remained characterized by mixed sentiment. At the close of the session, 22 stocks advanced while 27 declined, indicating that gains were concentrated in a few active counters rather than being broad-based. The disparity reflects ongoing investor caution triggered by prevailing macroeconomic conditions, including interest rate uncertainty and tight liquidity conditions.

Trading volume fell significantly during the session, highlighting a more conservative positioning by market participants. The total number of shares traded declined by 14.15%, moderating to 1.93 billion units. Similarly, the value of transactions dipped by 8.47% to ₦19.19 billion, even though the total number of deals rose sharply by 8.63% to 23,369. This trading pattern indicates smaller average deal sizes despite increased trading activity, reflecting risk management strategies among institutional investors and portfolio managers.

Still, the year-to-date market performance remains one of the strongest in Africa for 2025. With Thursday’s gain, the ASI’s Year-to-Date (YTD) return improved to 41.34%, up from 41.16% recorded in the previous session. Total market capitalization has equally expanded by 47.74% YTD, underscoring the resilience of the Nigerian equities market despite periods of volatility driven by policy headlines, earnings season reactions, and shifts in foreign portfolio positioning.

Market Leaders: UACN, ETI, Mansard and FTN Cocoa Lift Sentiment

Positive sentiment was supported by impressive moves in several mid-cap and large-cap names. UACN led the top gainers’ chart, rallying +10% to close at ₦88.00, up from ₦80.00. The stock benefited from renewed optimism following strong institutional demand and positioning ahead of earnings expectations.

Blue-chip banking stocks remained active and supported the index. GTCO gained 1.15% to close at ₦88.00, Zenith Bank advanced 0.83% to ₦60.50, and Wema Bank posted a robust 3.28% increase to ₦18.90.

Within the industrial and energy segments, Nigerian Breweries advanced 2.79%, closing at ₦70.00, while Oando added 1.28% to end at ₦39.50.

Other strong performers on the day included:

• Regal Insurance: +10% to ₦1.01

• Morison: +9.94% to ₦3.54

• ETI: +8.53% to ₦36.90

• AXA Mansard: +7.75% to ₦13.90

• Wapic Insurance: +8.47% to ₦2.56

Market Breadth Negative Despite Index Gain

However, the trading session was far from uniformly positive. The market breadth closed negative, as 27 equities recorded losses, highlighting the uneven nature of the session’s recovery. Among the worst performers were:

• Ella Lakes: -10% to ₦13.14

• Eunsell: -10% to ₦72.90

• Transcorp Hotels: -9.95% to ₦157.50

• Omatek: -9.23% to ₦1.18

• Guinea Insurance: -8.46% to ₦1.19

The losses indicate persistent investor caution, particularly among counters with weaker fundamentals, lower liquidity profiles, or those perceived as overheated following recent rallies.

Trading Activity Dominated by ETranzact

The day’s trading activity was heavily concentrated in ETranzact Plc, which accounted for the overwhelming majority of daily volume. The fintech stock traded 1.58 billion units valued at ₦6.37 billion, significantly ahead of other actively traded equity names.

Other leading volume drivers included:

• Fidelity Bank: 31.01 million units valued at ₦589.30 million

• GTCO: 28.28 million units valued at ₦2.49 billion

• ETI: 21.88 million units valued at ₦744.26 million

• AccessCorp: 17.70 million units valued at ₦368.87 million

Outlook

The continued rebound in the NGX shows that investor confidence is stabilizing after weeks of profit-taking and cautious repositioning. While mixed sentiment remains, the market’s performance so far this year underscores its relative strength compared with other African exchanges. A combination of strong corporate earnings, attractive valuations in the banking sector, and renewed interest in defensive consumer names could support a gradual recovery into the final trading weeks of 2025.