By Taiye Olayemi
Lagos, Dec. 20, 2025 – Nigerian equities investors closed the week with a significant wealth gain of N1.673 trillion, as positive sentiment lifted the broader market despite a decline in trading activity. The market’s performance underscores a week of selective buying, with gains concentrated in specific sectors while others faced headwinds.
The Nigerian Exchange (NGX) All-Share Index (ASI), the benchmark indicator, appreciated by 1.76% week-on-week to close at 152,057.38 points. Consequently, the total market capitalisation rose to N96.937 trillion, up from the previous week’s close of N95.264 trillion. This advance extends the market’s positive trajectory for the year, reflecting continued investor confidence in the face of broader economic variables.
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Deeper Dive: A Market of Contrasts
While the headline figures are positive, a closer look reveals a nuanced picture. The gain was not uniform across all sectors. Notably, the NGX AFR Bank Value Index and the NGX Oil & Gas Index depreciated by 1.38% and 0.17% respectively. This divergence suggests a sector rotation, where investors are moving funds from previously high-flying or pressured sectors into others perceived to have better value or growth prospects. The banking sector’s dip could be linked to profit-taking or concerns over asset quality, while Oil & Gas may be reacting to fluctuating global crude prices.
In contrast, other indices finished higher, indicating that the bullish momentum was driven by sectors like Consumer Goods, Industrial Goods, and ICT.
Trading Activity: Volume Dips, Value Holds Relatively Steady
A total turnover of 4.373 billion shares worth N97.783 billion was traded in 110,736 deals this week. This represents a decline in volume compared to the 6.617 billion shares traded the prior week, but the total value dipped only slightly from N113.224 billion. This discrepancy often indicates increased trading in higher-priced stocks or a reduction in speculative, low-penny stock activity.
The Financial Services Industry maintained its dominant role, leading the activity chart with 2.252 billion shares valued at N47.204 billion traded (contributing 51.49% and 48.27% to total volume and value, respectively). The ICT Industry followed, driven by stocks like E-Tranzact, with 1.118 billion shares worth N13.148 billion. The Oil & Gas Industry came in third.
Stock-Specific Movements: The Leaders and Laggards
The market breadth, a gauge of overall sentiment, was slightly negative. Forty-nine equities appreciated in price (down from 55 last week), while forty-one depreciated (up from 29). Fifty-seven equities remained unchanged.
Top Five Gainers:
1. Morison Industries (+N1.15)
2. Mecure Industries (+N8.15)
3. Japaul Gold (+N0.56)
4. Sovereign Trust Insurance (+N0.50)
5. PZ Cussons Nigeria (+N6.55)
These gains highlight interest in manufacturing, mining, and consumer goods stocks.
Top Five Losers:
1. Eterna (-N5.30)
2. UACN (-N13.80)
3. Etranzact International (-N1.40)
4. Transcorp Hotel (-N17.20)
5. Chellaram Plc (-N1.45)
Notably, E-Tranzact appeared as both a heavily traded stock and a top loser, suggesting high volatility and possible profit-taking after a run-up.
New Listing: Deepening the Market
In a move that expands investment options on the exchange, the NGX announced the listing of an additional 140,100,000 units of Chapel Hill Denham Management’s Nigerian Infrastructure Debt Fund (NIDF) at N109.50 per unit. This listing under its N200 billion issuance program brings the total listed units to 1,196,357,953. Such listings are critical for market depth, providing investors with access to alternative asset classes like infrastructure debt, which typically offers stable, long-term yields. [[PEAI_MEDIA_X]]
Analyst Takeaway: This week’s market performance illustrates the importance of looking beyond the headline index gain. The N1.67 trillion wealth increase is a robust positive signal, but the sectoral weaknesses and reduced number of advancing stocks advise a note of caution. Investors are becoming more selective, driving a stock-picker’s market. The continued activity in the financial services sector and the successful listing of new instruments like the NIDF units point to a maturing market ecosystem. Going forward, market direction will likely hinge on corporate earnings forecasts, macroeconomic data, and global market trends.
(Source: NAN) Edited by Olawunmi Ashafa
