The Nigerian Exchange (NGX) wrapped up the 2025 trading year on a historic high, as the All-Share Index (ASI) surged to an all-time record of 155,613.03 points at the close of the final trading session on December 31. The landmark finish capped a stellar year for Nigerian equities, firmly positioning the NGX as the best-performing emerging and frontier market exchange globally in 2025.
The benchmark index advanced by 578.31 points, representing a 0.37% daily gain from the previous close of 155,034.72 points. This marked the third consecutive day of sustained gains and pushed the ASI decisively above the closely watched 155,000 psychological threshold. On a year-to-date basis, the market delivered a remarkable 51.19% return, the strongest annual performance recorded by the NGX in its history.
Market capitalisation mirrored the bullish sentiment, expanding by N532.94 billion, or 0.54%, to close at N99.376 trillion, compared with N98.843 trillion in the prior session. The surge in valuation underscored growing investor confidence, driven by macroeconomic reforms, improved earnings outlook across listed companies, and increased institutional participation in the equity market.
Despite the strong close, trading activity softened significantly, reflecting typical year-end dynamics. Total volume traded fell sharply by 73.75% to 1.23 billion units, down from 4.68 billion units in the previous session, while transaction value declined 9.62% to N35.13 billion. Total deals also dropped nearly 20% to 27,873, pointing to profit-taking and reduced retail participation as investors closed their books for the year.
NREIT listing boosts market size
A key driver of the day’s jump in market capitalisation was the listing by introduction of 1.59 billion units of Chapel Hill Denham Management Limited’s Nigeria Real Estate Investment Trust (NREIT) on the NGX Main Board. Priced at N103 per unit, the NREIT debuted with an implied valuation of N163.6 billion, significantly expanding the size of the market under the NGX’s broader N400 billion NREIT Issuance Programme.
This fresh listing explained the divergence between the relatively modest percentage increase in the ASI and the sharper rise in total market capitalisation. While price gains across equities were measured, the additional NREIT valuation materially lifted the Exchange’s overall market size at a critical point in the year.
Both the Main Board and Premium Board closed higher, gaining 0.55% and 0.53% respectively, supported by renewed interest in large-cap and fundamentally strong stocks. However, subdued trading metrics suggested that institutional and high-value transactions, rather than broad retail participation, drove much of the day’s upside.
NGX leadership reflects on 2025 performance
Commenting on the milestone, Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, described the 2025 performance as a clear reflection of Nigeria’s economic resilience and the effectiveness of ongoing structural reforms.
He noted that the capital market’s ability to expand in the face of both domestic and global headwinds underscored rising investor confidence. According to Popoola, policy consistency, targeted reforms, and continuous technological upgrades played a central role in sustaining market momentum throughout the year, while improved transparency and stronger market structures broadened access to capital for issuers and investors alike.
Looking ahead to 2026, he said the NGX Group would deepen collaboration with regulators, policymakers, issuers, and market operators to consolidate the gains achieved in 2025, while further positioning Nigeria as Africa’s leading investment destination.
Sectoral performance mixed but largely positive
Sectoral indices closed largely in positive territory on the final trading day. The Insurance Index led the gainers with a 2.17% rise, reflecting strong appetite for undervalued insurance stocks. The Banking Index advanced 1.40%, buoyed by positioning ahead of expected full-year results and 2026 guidance from tier-one lenders.
Moderate gains were also recorded in the Main Board Index (+0.30%), Pension Index (+0.62%), and Consumer Goods Index (+0.20%). However, the Industrial Index slipped 0.14%, while the Oil and Gas Index declined 0.55%, weighed down by mild selloffs in select energy stocks despite strong value trades in heavyweight counters.
In terms of activity, the ICT sector dominated volumes, accounting for 58.48% of total units traded, followed by Financial Services with 27.14%, underscoring shifting liquidity patterns within the market.
Closing the year on a historic high
With 47 stocks closing in positive territory against 17 decliners, the NGX ended 2025 on a broadly optimistic note. The record close of the All-Share Index not only capped an exceptional year for Nigerian equities but also reinforced the Exchange’s growing relevance on the global emerging and frontier market stage. As the market heads into 2026, sustained reforms, earnings growth, and deepening market participation are expected to remain key drivers of investor sentiment.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
