Nigeria’s equities market staged a measured but notable rebound on Monday, December 22, 2025, as renewed interest in select mid- and large-cap stocks lifted key indicators on the Nigerian Exchange. The All-Share Index (ASI) climbed by 401.7 points to close at 152,459.1, firmly holding above the psychologically important 152,000 mark and signaling a cautious return of bullish sentiment.
The day’s performance translated to a 0.26% gain compared with the previous close of 152,045.9. While the upward move was modest, it was significant in the context of softer trading activity, underscoring that price appreciation was driven more by selective buying than broad-based market participation. Total market capitalization rose sharply to N97.1 trillion from N95.8 trillion in the prior session, restoring investor confidence after recent volatility.
Despite the positive close, market activity remained subdued. Trading volume declined to 451.5 million shares, a sharp drop from the 839 million shares exchanged in the previous week. A total of 33,327 deals were recorded, reflecting cautious positioning by investors who appear to be focusing on specific opportunities rather than chasing the wider market.
Gainers and losers shape the session
On the gainers’ chart, Aluminum Extrusion Industries (ALEX) led the rally with a strong 9.72% appreciation to close at N13.55. Close behind was International Energy Insurance (INTENEGINS), which gained 9.69% to settle at N2.49. These advances reflected renewed appetite for select industrial and insurance counters that had lagged earlier in the year.
Other notable gainers included Mecure Industries, up 9.64% to N60.30; Royal Exchange, which rose 9.60% to N1.94; and Austin Laz, advancing 9.50% to N2.65. Together, these stocks underscored a session driven by aggressive buying in a narrow band of equities.
On the downside, profit-taking weighed heavily on Custodian Investment and ABC Transport, both of which declined by the maximum 10% to close at N35.10 and N3.15, respectively. Other decliners included Prestige Assurance, down 7.41%; Guinea Insurance, which lost 7.38%; and Ellah Lakes, shedding 6.45%.
Trading activity and value leaders
In terms of volume, Tantalizers topped the activity chart with 50.1 million shares traded, reflecting sustained retail interest. FirstHoldCo followed with 32.6 million shares, while Access Holdings placed third at 27.3 million shares. Custodian Investment and Chams completed the top five by volume.
By transaction value, Aradel Holdings led the session with trades worth N1.5 billion. FirstHoldCo followed at N1.4 billion, while Zenith Bank recorded N1.14 billion. Custodian Investment and WAPCO rounded out the top five by value.
SWOOTs, FUGAZ and market outlook
Large-cap stocks worth over one trillion naira (SWOOTs) showed a generally positive tone. International Breweries gained 4.17%, while BUA Cement advanced by 2.35%. Among the FUGAZ banking names, FirstHoldCo rose 2.35%, United Bank for Africa declined 2.5%, and Zenith Bank eased 0.47%.
With the ASI now holding above 152,000 points and year-to-date returns standing at an impressive 48.12%, analysts say sustained buying in more mid- and large-cap stocks could propel the market toward the 155,000 level. For now, the session reflects a market regaining balance—tentative, selective, but clearly resilient.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
