The Nigerian equities market closed the trading session of December 29, 2025, on a positive note, as renewed buying interest lifted the benchmark index back above the psychologically important 154,000-point threshold. The Nigerian Exchange (NGX) All-Share Index (ASI) gained 849.7 points to settle at 154,389.4, representing a 0.55 percent increase from the previous close of 153,539.8.
The rebound came despite a noticeable slowdown in overall market participation, as investors appeared selective in positioning toward year-end. Total trading volume declined to 1.4 billion shares, compared with the 1.7 billion shares exchanged during the Christmas Eve session, pointing to lighter activity even as prices advanced.
Market capitalisation, however, moved higher, rising to N98.4 trillion from N97.89 trillion across 47,892 executed deals. The steady increase in market value continues to push the exchange closer to the highly anticipated N100 trillion milestone, underscoring the strong performance of Nigerian equities in 2025.
Gainers drive the market higher
The rally was largely driven by strong performances in select mid- and large-cap stocks, with Ecobank Transnational Incorporated (ETI) and Austin Laz emerging as the session’s top gainers. Both stocks appreciated by the maximum daily limit of 10.00 percent, reflecting heightened investor interest.
Other notable gainers included Eunisell, which advanced by 9.95 percent to close at N96.70, Honeywell Flour, which rose 9.86 percent to N19.50, and Guinness Nigeria, which added 9.82 percent to finish at N349.90. The breadth of gains across consumer goods, industrial, and financial stocks helped reinforce the market’s bullish tone.
Losses persist in select counters
On the losing side, Intenegins topped the decliners’ table after shedding 10.00 percent to close at N2.34. Meyer followed closely with a 9.92 percent decline to N11.80, while E-Tranzact also fell by 9.92 percent to N11.35. Livestock Feeds and C&I Leasing completed the top five losers, losing 9.60 percent and 8.06 percent, respectively.
The mixed performance among equities reflects ongoing portfolio rebalancing by investors, particularly as the year draws to a close and profit-taking sets in on some previously strong performers.
Most active stocks
In terms of trading activity, Access Holdings dominated the volume chart, with an impressive 594.3 million shares exchanged during the session. Champion Breweries followed with 122.0 million shares, while FCMB ranked third with 116.6 million shares traded.
Japaul Gold and First HoldCo rounded out the top five most actively traded stocks, recording volumes of 66.1 million and 51.5 million shares, respectively. The heavy activity in financial stocks highlights continued investor focus on the banking sector, which has been a major driver of market performance in 2025.
Value traded and heavyweight stocks
By transaction value, Access Holdings again led the market, recording trades worth N12.3 billion. Zenith Bank followed with N3.1 billion, while First HoldCo posted transactions valued at N2.5 billion. Champion Breweries recorded N1.8 billion in trades, and Lafarge Africa closed the top five with N1.5 billion.
Stocks worth over one trillion naira in market capitalisation (SWOOTs) largely reflected a bullish undertone. International Breweries gained 8.28 percent, BUA Foods advanced by 1.54 percent, Lafarge added 1.49 percent, and MTN Nigeria rose 0.58 percent. In contrast, Nigerian Breweries dipped slightly by 0.44 percent.
Among the major banking stocks, often referred to as the FUGAZ group, Access Holdings gained 2.44 percent and GTCO rose 1.02 percent. However, First HoldCo declined by 6.98 percent, United Bank for Africa fell 2.38 percent, and Zenith Bank eased by 0.48 percent.
Market outlook
With the All-Share Index now firmly above the 154,000-point level and year-to-date returns standing at approximately 50 percent, market sentiment remains broadly positive. Analysts note that if buying interest stays sustained and spreads across more sectors, the NGX could extend its upward trajectory in the near term. The next key resistance level is seen above 155,000 points, which, if breached, could further reinforce bullish momentum heading into the new trading 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
